SURGE IN NATIONAL HOUSING AND RENTAL PRICES
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SURGE IN NATIONAL HOUSING AND RENTAL PRICES

New report presents strong median price rises for most cities.

By Terry Christodoulou
Fri, Mar 12, 2021 4:12amGrey Clock < 1 min

The weighted average capital city median price of houses and other dwellings officially increased for the December quarter 2020.

Figures from the Real Estate Institute of Australia (REIA) report ‘Real Estate Market Facts’ indicate a 6% rise for houses and 0.9% rise for other dwellings during for the period.

“The weighted average median house price for the eight capital cities increased to $825,205,” said Adrian Kely, REIA President. “Over the quarter the median house price increased in all capital cities,”

“At $1,211,488, Sydney’s median house price continues to be the highest amongst the capital cities, 46.8% higher than the national average.

“At $490,000 Perth has the lowest median house price across Australian capital cities, 40.6% lower than the national average. Over the 12 months to the December quarter, the weighted average capital city median house price increased by 6.6%.

The weighted average median price for other dwellings for the eight capital cities increased to $601,345, a quarterly increase of 0.9%. The only city to not see a rise was Adelaide.

The REIA figures also outed a rise in median rent for 2-bedroom houses in Brisbane, Adelaide, Perth, Canberra and Darwin.

Sydney, Melbourne and Hobart, meanwhile, remained steady.

“Other dwelling rents during the quarter, the median rent for 2-bedroom other dwellings increased in Perth, Canberra and Darwin, remained steady in Brisbane and Hobart but decreased in Sydney, Melbourne and Adelaide,” added Kelly. “Darwin had the largest increase over the quarter [6.6%].”



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Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market

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A 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.