After a year of rapid growth, Australia’s national median house price has broken the $1 million (US$714,000) mark, according to Domain’s latest House Price Report. A house in Sydney at median price rose to $1.6 million over the year, the median house prices in Melbourne and Canberra have passed $1.1 million, and remaining capital cities sit between $600,000 and $800,000. Nationally, the house prices jumped 25 percent in 2021, with Sydney, Canberra, Hobart, and Darwin house prices growing over 30 percent. Domain’s chief of research, Nicola Powell, said a million-dollar median price was a psychological barrier to entering the market. “People who don’t own a home yet are faced with such dramatic rises in prices in such a short time [and] at a time when rents are also rising. Wages growth does not keep up with that,” Powell said. “If you don’t own a home, if you’re a parent, how …
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