The Sydney and Melbourne house price boom has widened the gap between Adelaide and its eastern state counterparts.
Price growth in almost all capital cities in the three months to June has helped the median Australian house price soar almost 11 per cent in just 12 months, led by the two major cities.
Sydney is leading the surge, where the median house price climbed by more than $100,000 in the year to June, or 17 per cent, to hit a record $812,000.
Melbourne recorded 10 per cent growth to $608,000, according to the latest report from Australian Property Monitors (APM).
Adelaide’s prices lifted to a median $427,000, but remain subdued in the national context.
June-quarter prices showed capital-city housing markets are showing no signs of slowing down, APM senior economist Dr Andrew Wilson said.
“Most capital cities are maintaining or exceeding the solid to strong price growth levels recorded during the previous quarter,” he said.
“Other leading indicators of housing market activity, such as home loan activity and auction clearance rates, point to continued solid buyer activity through 2014.”
Canberra was the only capital city not to have an increase in house prices in 2013/14, dropping by 0.5 per cent to a median price of $576,000.
Despite strong growth in median house prices, unit prices were more varied.
Sydney’s 13.3 per cent growth did pull the national average up to 8.3 per cent, but Brisbane, Canberra and Hobart all fell and Adelaide remained steady.
CAPITAL CITY MEDIAN HOUSE PRICES
* Adelaide – $462,129, up 5.8 pct
* Sydney – $811,837, up 17 pct
* Melbourne – $607,721, up 10.3 pct
* Brisbane – $477,352, up 6.9 pct
* Hobart – $329,186, up 6.0 pct
* Perth – $619,532, up 5.1 pct
* Darwin – $655,615, up 1.3 pct
* Canberra – $576,367, down 0.5 pct
* National – $627,940, up 10.3 pct
