Residential Values Fall Further
The median price of housing across most capital cities fell further in September reflecting the ongoing credit constraints and collapse of investor confidence.
The median value of established housing in Sydney and Melbourne both fell by-6.9% for the September Quarter compared to the previous quarter, and down -6.7 and -2.1% respectively compared to the same quarter last year. The median house price in Sydney is now 900,000 which is drop of -16% from the peak in June 2017.
The Melbourne median price is 705,000 reflecting a drop of 9.0% from its peak in December 2017.
Brisbane has fared better with a 1.1% rise in the median value for the quarter to a new peak of 530,000 and a 2.0% rise compared to the same period last year.
Apartment prices fell across each of the three cities with Sydney falling further this quarter, down -2.5% to 700,000, with Melbourne down -1.7% to 540,000 and Brisbane down -1.1% to 392,000. Brisbane apartment prices are now the same as they were 5 years ago in 2013 and the gap to Sydney has narrowed slightly to 46% from a high of 50%.