BUYERS beware – it costs an average of $1 million to enter the housing market in most major cities as political leaders try to woo potential homeowners.
Adelaide has become the fifth capital city to break into the million-dollar club, with the median house price in South Australia’s capital now $1,000,202.
Domain’s March House Price Report, released in April, revealed the city of churches has joined Sydney, Melbourne, Brisbane and Canberra on the million-dollar list.
The highest median house price in the country is an eye-watering $1.7 million in Sydney.
While house prices across the country continue to rise, the pace of growth has slowed to a third of what it was in 2024.
There were higher levels of housing supply in cities such as Adelaide, Brisbane and Perth but they were not enough to bring down record prices nationally, Domain’s chief of research Nicola Powell said.
“What we have seen over time is a widening gap between where home prices are and the capacity of buyers to pay for a home,” she said.
“The element of urgency is starting to relax amongst buyers because they have more choice. It is a good thing supply is rising but that doesn’t mean we still don’t have a housing crisis.”
Dr Powell said it was an opportune time to buy, with both major parties putting forward policies to lure first homebuyers ahead of the May 3 election, and expectations the Reserve Bank would cut interest rates.
Canberra is the best bet for those looking to rent, recording the lowest rent increase of all capitals in the first quarter of 2025.
The average price to rent nationwide is about $650 a week – five per cent higher than in 2024 and an extra $1560 a year for tenants to fork out.
Sydney remains the most expensive city to rent in, with renters paying an additional $70 per week.
Compared with Melbourne, a renter in Sydney is typically paying $9100 more per year in rent.
Farid Farid
