Established Housing in Sydney falls Further
The falls in the median price of housing continues in Sydney and Melbourne where prices rose the greatest during the previous boom.
So far Sydney has seen a fall of -13% in the median value of an established house from the peak in June 2017, whereas Melbourne is down -6.1%.
The median value of established housing in Sydney is now at $910,000, down -3.7% on last quarter and -12%.3 on last year. Surprisingly, the Sydney apartment market is not as hard hit with the median price now $720,000, down -1.2% for the quarter and only -2.7% over the past 12 months.
Melbourne has seen established houses drop -0.6% over the quarter to $706,000, down -6.1% over 12 months. Melbourne apartments have however bounced back a little, up 0.9% for the quarter to $550,000, but still -0.9% down on the previous year.
Brisbane has fared better with a no change in the median value for established housing, steady at $540,000 and with an annual change of +0.9%. The apartment oversupply in Brisbane also hasn't caused a significant correction with Brisbane apartments now rising 1.3% for the quarter and 0.8% over the 12 month period.