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Over the June 2021 quarter, Canberra saw a 10.4 per cent increase in house prices — the only capital city to see double-digit price growth over the said period. But Canberra is not the only capital city breaking records, according to Domain. Sydney’s twice-consecutive price growth of 8 per cent was deemed a “rare growth only seen three times over the past 30 years”, while its annual rise at 24 per cent exceeded the boom-time results of 2015 and 2002. Similarly, Perth recorded its strongest annual increase in 11 years, with house price reaching a six-year high over the June quarter — supported by internal migration into Greater Perth, which is currently the highest level since 2013. The WA capital also saw its busiest June quarter since 2014 for houses and units based on properties sold. Adelaide, meanwhile, has surpassed the $600,000-mark for the first time, marking the city’s “strongest growth period since late 2007”. The strength of buyer demand has also resulted in the highest volume of sales transactions ever recorded for the SA capital, for both houses and units. Source: x Capital cities break price growth records Canberra may have dominated the market with double-digit growth and the steepest price acceleration in almost three decades, but other capital cities have hit records of their own, Domain has revealed...
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Hobart recorded the highest quarterly rise in weekly house rents at 4.3 per cent, followed by Adelaide at 3.7 per cent, Perth at 3.6 per cent and Brisbane at 3.5 per cent. Meanwhile, Sydney, Canberra and Darwin remained stable. Of all the capital cities, only Melbourne saw house rents decline by 2.3 per cent – making it the second most affordable capital city to rent a house for the first time on record, alongside Perth and behind Adelaide. “For the first time on record, Melbourne is the second most affordable capital city to rent a house, joint with Perth and behind Adelaide,” Domain’s senior research analyst, Dr Nicola Powell, said. But while Melbourne’s vacancies have declined in recent months, they remain 182 per cent higher than last year, according to Dr Powell. This was directly influenced by the reduction of demand as a result of international border closures, more tenants becoming home owners and city residents moving to lifestyle locations. “Inner Melbourne units have felt the brunt, with rents now at 2010 levels after tumbling by $110 a week annually,” Dr Powell noted. Source: x Melbourne becomes Australia’s 2nd most affordabl... While most capital cities saw house rents soar to new record highs over the first quarter of 2021, Melbourne continued to lag behind – becoming the second most affordable capital city to rent in Aus...
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