From The Real Estate Conversation.
The median house price for Australia’s combined capital cities fell 0.8 per cent during the September quarter, according to the latest REIA Real Estate Market Facts report.
Only Melbourne, Brisbane and Hobart recorded higher property prices during the September quarter, according to the latest REIA Real Estate Market Facts report.
With weaker markets in the remaining capitals, country-wide median averages were dragged into negative territory.
The weighted average median price for ‘other dwellings’, which includes apartments and townhouses, declined 2.6 per cent, according to the REIA data.
The weighted average median price for houses across the eight capitals dropped to $762,000, as median prices in five of the eight capitals – Sydney, Adelaide, Perth, Canberra and Darwin – decreased during the quarter. Darwin house prices fell the most sharply, falling 8.3 per cent during the September quarter.
The weighted average median price for other dwellings fell to $588,400, with median prices decreasing in the same five cities – Sydney, Adelaide, Perth, Canberra and Darwin.
Over the quarter, again Darwin prices fell the most sharply, dropping 13.8 per cent.
REIA President Malcolm Gunning said, “It is usual for the September quarter to show a slight dip or at least a slowdown in the rate of change in prices, as buyers and sellers alike gear up for the traditional spring sales season.
“The September quarter figures also need to be interpreted against a background of sustained growth over a number of years, particularly in Melbourne and Sydney, and can be seen as an extremely active market ‘catching its breath’.”
Gunning pointed out that, over the quarter, median rents for three-bedroom houses increased or remained steady in all capital cities except for decreases in Perth and Darwin.
Hobart had the largest increase in median rents for three-bedroom house at 2.8 per cent.
Median rents for two-bedroom other dwellings also increased or remained steady in all capital cities, except for a decrease in Perth. Melbourne had the largest increase at 2.4 per cent.
“Vacancy rates declined in all capital cities except for Perth. Darwin had the largest decrease of 0.6 percentage points. Both Perth and Darwin continue to have high vacancy rates at 6.9 per cent and 5.9 per cent respectively.
“The weighted average vacancy rate for the eight capital cities remained steady on 2.8 per cent during the September quarter,” Gunning said.
REIA Real Estate Market Facts: State by State
Australian Capital Territory
Over the September quarter, the median house price for Canberra decreased to $640,000, a fall of 1.5 per cent over the quarter but an increase of 7.9 per cent over the previous year.
The median rent for three-bedroom houses in Canberra increased to $480 per week, an increase of 2.1 per cent over the September quarter and an increase 6.7 per cent over the previous year. The vacancy rate in Canberra decreased to 0.7 per cent, a decrease of 0.4 percentage points, over the September quarter.
New South Wales
Over the September quarter, the median house price in Sydney decreased to $1,176,567, a decrease of 2.0 per cent over the quarter but an increase of 9.0 per cent over the previous year.
The median rent for three-bedroom houses in Sydney increased to $510 per week, a rise of 2.0 per cent over the September quarter and an increase of 8.5 per cent over the past year. The vacancy rate in Sydney decreased to 2.0 per cent, a decrease of 0.1 percentage points over the quarter.
Northern Territory
Over the September quarter, the median house price in Darwin decreased to $495,000, a decrease of 8.3 per cent over the quarter and a decrease of 10.0 per cent over the previous year.
The median rent for three-bedroom houses in Darwin decreased to $478 per week, a fall of 1.2 per cent over the September quarter and a decrease of 6.5 per cent over the previous year. The vacancy rate in Darwin decreased to 5.9 per cent over the September quarter 2017, a decrease of 0.6 percentage points.
Queensland
The median house price for Brisbane increased to $516,900, an increase of 0.4 per cent over the September quarter and an increase of 3.4 per cent over the previous year.
Over the September quarter and over the previous year, the median rent for three-bedroom houses in Brisbane remained steady at $380 per week. The vacancy rate in Brisbane decreased to 2.9 per cent during the September quarter, a decrease of 0.2 percentage points
South Australia
Over the September quarter, Adelaide’s median house price decreased to $450,000, a fall of 2.1 per cent over the quarter but an increase of 2.3 per cent over the previous year.
Over the September quarter and over the previous year, the median rent for three-bedroom houses in Adelaide remained steady at $340 per week.
Tasmania
Over the September quarter, the median house price in Hobart increased to $436,300, an increase of 1.5 per cent over the quarter and an increase of 13.3 per cent over the previous year.
The median rent for three-bedroom houses in Hobart increased to $370 per week, an increase of 2.8 per cent over the September quarter and an increase of 12.1 per cent over the previous year. The vacancy rate in Hobart decreased to 1.7 per cent during the September quarter, a fall of 0.3 percentage points.
Victoria
Over the September quarter, the median house price in Melbourne increased to $817,000, a rise of 0.7 per cent over the quarter and an increase of 12.7 per cent over the previous year.
The median rent for three-bedroom houses in Melbourne increased to $385 per week, an increase of 1.3 per cent over the September quarter and an increase of 2.7 per cent over the previous year. The rental vacancy rate in Melbourne decreased to 2.1 per cent over the September quarter, a decrease of 0.1 percentage points.
