The Domain House Price Report has been released for the September quarter with house prices across the capital cities growing by a strong 3.5% over the quarter to be up a whopping 21.9% year-on-year:
This has taken the national median house price to $994,579, with Sydney ($1499,126), Melbourne ($1,037,923) and Canberra ($1,074,187) all breaking through the $1 million barrier.
Unit price growth was more modest growing 1.0% over the quarter to be 6.8% higher year-on-year. The capital city median unit price is also far cheaper at $609,642.
The next chart from Domain plots the extraordinary rise in house prices across the capitals over the past year:
Domain’s results differ from CoreLogic’s results in September:
As you can see, there is marked difference between jurisdictions with Brisbane, in particular, recording much stronger price growth under the CoreLogic index.
The differences likely relate to the methodology chosen. Domain uses a stratified median methodology, whereas CoreLogic uses a hedonic methodology.