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June quarter figures show house prices flat or falling

The latest house price data released by Australian Property Monitors yesterday showed that median house and unit prices continued to stagnate or decline across the country in the June quarter.

Only Sydney’s house, Darwin’s unit and Adelaide unit markets showed some upward movement.

The median national house price has fallen 0.6% to $546,121 during the June quarter, according to Australian Property Monitors, with national unit prices down 0.8% to $404,753.

Looking around the country…

Sydney’s median house price rose 0.1% rise to $644,658 but declined by 0.2% over the year. The median price of units dropped 0.6% in the quarter (-0.9% over the year) to $446,403

Melbourne’s median house price was $554,610 and remained stagnant over the quarter but was down 2.1% over the last 12 months. Unit prices in Melbourne fell marginally in the quarter by 0.7% to $394,842.

Both house and unit prices fell Brisbane resulting in a quarterly fall of 1.3% to $446,778 for houses and a fall of 2.6% for units $359,865. Australian Property Monitors suggested this market is still recovering from the general disruption to its housing market as a consequence of the January floods.

Canberra ’s house and unit markets both recorded falls in the quarter. House prices fell 2.8% to $551,065 and units dropped 1.3% to $405,000.

Perth’s median house price was $535,617 falling 5.8% over the year and down 1.5% over the quarter. Unit prices in Perth fell 6.1% over the year to $351,887

Darwin’s median house price was $593,642 falling 1.3% over the year, and unit prices in the Darwin fell 2.4% over the year to $425,525

Adelaide’s median house price was $441,775 falling 3.2% over the year, and unit prices in the Adelaide fell 3.2% over the year to $300,749

Hobart’s median house price was stagnant over the quarter at $329,307 but falling 2.6% over the year, and unit prices in the Hobart fell 1.8% over the year to $247,437

“In the June quarter diverse local conditions had a more significant impact on median prices in each city, with these individual factors expected to have continued variable effects on growth in each market,” says Dr Andrew Wilson, senior economist at Australian Property Monitors.

“This is in contrast to the effect of national market conditions that have impacted prices across the board until recently.”

“The prospect remains however of increased buyer activity emerging through the spring selling season, as early signs are emerging of increased first home buyer and investor activity in most markets, albeit from a low base, that will help to encourage market activity and confidence,” Wilson says.

RPData relseases there stats today. It will be interesting to see how they compare

Source: Australian Property Monitors



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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