Friends, hello! I have some good news and some bad news for you. I’ll hit you with the good news first: Christmas is right around the corner. The bad news? Oh, well, house prices in Australia have recorded their highest growth rate in 20 years. Nothing crazy, just means we’ll have to cut down on avocado toasts in the afterlife too.
Yep, you read that correctly, Aussie house prices are flying through the roof. Time to sell my soul to the devil for an extra buck, because I’ll be renting forever.
According to the Real Estate Institute of Australia (REIA), Australia has experienced a 23.4 per cent surge in property prices, which is the first time since 2002 that our growth rate has clocked in at a number higher than 20 per cent.
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Per News.com.au, the President of REIA, Adrian Kelly, called the growth “whopping”, which is reassuring, to say the least. Sir, please keep my whoppers at Hungry Jack’s. I can’t take this.
“At $1,499,126, Sydney’s median house price continues to be the highest among the capital cities – 55.9 per cent higher than the national average,” said Kelly.
Reportedly, the median house price across all of the capital cities is now sitting at a rather unpretty $961,642. Perth is the hottest girl at the table, with their lowest median house price recorded at a $520,000 average. (Btw, for all my number lovers, that’s 45.9 per cent lower than the national average, which is pretty tops).
But then again, you’d be living in Perth, so all good things come with a downside.
The median price for other dwellings that aren’t your straight-up houses has also reportedly increased in Sydney, Melbourne, Brisbane, Perth and Hobart by 1.4 per cent (which is small but still impactful).
On the other hand, Adelaide, Canberra and Darwin’s average costs (for other dwellings) have declined, which is good news for the collective 50 people who live in those three cities.
“At $802,475, Sydney’s median price for other dwellings continues to be the highest among the capital cities – 23.3 per cent higher than the national average,” said Kelly.
Basically, everything’s fucked in Sydney. The city is playing sub bottom to house prices, that’s for sure.
Rental prices for three-bedroom houses also shot up by 2.4 per cent in every capital city except Melbourne, which is a slither of good news.
Maybe Melbourne is the superior city to live in after all.
