Shock new average price of Aussie house after property market surges

It’s a scary new milestone for the nation to reach, especially if you want to buy your own home any time soon.

The average Aussie house now costs more than a million dollars.

That’s according to new data released on Thursday from Domain‘s Quarterly House Price Report.

The price tag of a home across all of Australia’s capital cities comes in at exactly $1,066,133.

This staggering figure comes following a year where the property market surged to levels that haven’t been seen since the mid-80s boom.

All up, the capitals increased by 25.2 per cent in the space of just 12 months.

This time a year ago, the national average was $851,000 for a house. It’s risen by $150,000 per home in a year.

Nowhere is this more evident than in Sydney which is dragging up the national average considerably.

The figures are in, and there’s never been a better time to be a homeowner – or a worse time trying to enter the market. Source: Domain.

The average Sydney home hit a record of $1.6 million in 2021, up from the $1.2 million median back in 2020.

That means each house in the NSW capital saw its price rise by $1100 every single day last year, on average.

Greater Sydney house prices jumped by 33.1 per cent, equivalent to almost $400,000 of the home’s value.

“Post-lockdown renewed seller confidence continued to buoy the volume of newly advertised homes for sale, soaring 27 per cent above the five-year average for the December quarter,” the report stated.

“This catch-up played out across a record-breaking auction market with the highest volume of homes going under the hammer in a single quarter.”

House prices rose almost four times more than units in the same period of time.

Sydney wasn’t the only capital city that scored big-time last year.

Two homes that sold at the same time located right next to each other in a good example of a turbocharged real estate market. Picture: David Swift/NCA NewsWire

Canberra had the highest percentage growth out of any capital city, up by 36.6 per cent.

Hobart came in third place behind Canberra and Sydney thanks to its 34.6 per cent annual rise.

Darwin was another surprise runner-up after experiencing a 30 per cent boom.

And over the last three months, Brisbane has outperformed every other capital city, even Sydney.

Canberra performed the best while Perth was the slowest growth area. Picture: David Swift/NCA NewsWire

Melbourne and Perth stand out as the two areas that missed out on the most growth for the year.

Amid multiple lockdowns in Melbourne, the Victorian capital only grew by 18.6 per cent, well below the national average and making it the second lowest performer out of all the cities measured.

Perth came in at the worst position, rising by just 7.5 per cent.

Western Australia’s strict border closures could be to blame.