The weighted average capital city median price is well up for houses and other dwellings.
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Australian house prices are rising at the highest quarterly rate in 10 years, according to the latest Real Estate Market Facts report from the Real Estate Institute of Australia (REIA).
According to REIA President, Adrian Kelly, the weighted average capital city median price increased by 6.8% for houses and by 2.7% for other dwellings.
“Over the March quarter, the weighted average median house price for the eight capital cities rose to $873,911 with all cities increasing except Canberra. At $1,309,195, Sydney’s median house price continues to be the highest amongst the capital cities, 49.8% higher than the national average. At $500,000, Perth has the lowest median house price across Australian capital cities, 42.8% lower than the national average.
“Over the 12 months to the March quarter, the weighted average capital city median house price increased by 11.1%.
“The weighted average median price for other dwellings for the eight capital cities increased to $621,313, a quarterly increase of 2.7%,” said Mr Kelly.
Mr Kelly also added that median prices for other dwellings increased in Sydney, Melbourne, Perth, Hobart and Darwin, remained steady in Brisbane and Canberra but decreased in Adelaide.
The median rent for 3-bedroom houses increased in all capital cities over the March quarter to a median of $452.50 per week.
“Over the past 12 months, the median rent increased in all capital cities except Melbourne where it remained steady. Darwin had the highest annual growth at 17.3% and now has the second highest rent at $538.50 a week with Canberra the highest at $570 per week.
According to the report, the national capital city vacancy rate is at 3.3% primarily up due to Melbourne’s rate of 6.1%.
Mr Kelly concluded the growth coincides with the April 2021 Lending to Households and Business figures released by the Australian Bureau of Statistics which show that the value of new loan commitments for housing rose for the second consecutive month after a brief fall in February which came after eight consecutive months of growth.
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< 1 minA Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
