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PHOTO: Sydney, Australia

The median price for a house in Australia has reached a record high of almost $1 million, according to a new report.

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Domain’s House Price Report revealed the national median house price is now $994,579, having risen by 3.5 per cent over the September quarter.

The national median price for units also rose to $609.642.

Australia’s annual price growth rate also made history, with the 21.9 per cent rate becoming the fastest annual rate of growth on record.

In the September quarter, all capital cities, except Perth and Darwin, saw new record house prices.

Sydney, Melbourne and Adelaide also reached record prices for units.

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Median house price growth in Australia.
Median house price growth in Australia. Credit: Domain

Despite the historical growth, quarterly growth is beginning to ease, indicating some relief for buyers.

“We’re seeing the property market begin to cool down with soaring house prices in the last year adding to ongoing affordability pressures affecting buyers participation in the market,” Domain Chief of Research and Economics Dr Nicola Powell said.

“As COVID-19 lockdowns and restrictions come to an end and the sustained high prices appeal to vendors, sellers are beginning to re-engage with the market, increasing supply which in turn offer greater choices for buyers”.

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