The median price of housing took a tumble in the quarter leading up to the recent Federal election with Sydney and Melbourne recording the largest quarterly decline in over 20 years.
Sydney has now seen a fall of -19.3% in the median value of an established house from the peak in June 2017 of $1.05M to the current median of $847,000. The decline in values also reflects the much lower level of activity with the number of established houses sold in the March quarter down -28% on the March quarter of the previous year.
Melbourne, by comparison, is down -12.9% in value from a peak of $752,000 in December 2017 to $655,000 in March 2019 with transactions down -21% over the pcp.
Brisbane hasn't experienced the dramatic downture as the south capital with the median value for established housing, down $10,000 to steady at $530,000, with an annual change of +0.9%. Transactions volumes are however down -39% in Brisbane compared to the pcp.
The Apartment market also succumbed to the drop in demand with Sydney and Melbourne both down -8.1% for the quarter. Sydney apartments are down -11.7% on the peak and Melbourne down -9.7%.
Brisbane apartments recorded a -2% decline in values to be down 8.9% from the peak.
Trading volumes in apartments are down across each of the capital cities with Sydney down -31%, Melbourne down -20% and Brisbane down -38%.