Residential Houses Show Slight Gains
According to the latest ABS Data, the median price of housing across most capital cities rose slightly in the June Quarter following recent interest rate reductions, and a slight improvement in confidence in the market.
The median value of established housing rose higher on last quarter with Hobart up 4.2%, Canberra up 3.4%, Sydney up 0.6% and Brisbane up 0.2%. Conditions remain difficult in Melbourne which was unchanged with Perth dropping -3.4% and Adelaide down -1.0%.
The median house price in Sydney is now $975,000 which is drop of -10.7% from the same period last year and a drop of -16.6% from the peak in June 2017.
The Melbourne median price is $680,000 reflecting a drop of -9.3% on the same period last year and the same from the previous peak in December 2017.
Brisbane has fared better with a median value for the quarter of $535,000 and a drop of less than -1% from the peak in December 2018.
The volume of transactions is also well down on previous periods with most cities down -15% to -30% in the number of dwellings sold over the June Quarter compared to the previous June Quarter.
Apartment prices were lower across the the Capital cities with Melbourne showing a gain of 3.8% on the previous quarter but Sydney down -0.6%, Brisbane down -1.3%, Perth down -2.6%, Adelaide down -2.0% and Canberra down -2.2%.
The median apartment price in Sydney is now $690,000, Melbourne $535,000, Brisbane $385,000, Canberra $430,000 and Perth $375,000.
Transaction volumes are also significantly lower across all capital cities with approx -15% to -33% lower numbers of properties sold.