Australian Property Monitors (APM) released their latest figures today showing house prices up 0.4% to a median of $536,075 and unit prices down 0.8% to a median of $411,810.
Over the 12 month period to June, house prices are down only 1.6% while unit prices are unchanged.
Melbourne was the strongest performing capital city detached housing market over the June quarter, recording a 1.6% rise to a median of $531,167.
Sydney and Perth house prices hardly moved over the quarter – both up 0.2% to medians of $642,425 and $536,151 respectively.
Among capital city unit markets, the trend was down, led by Perth (-4.5% – a median of $348,960) Hobart (- 3.9% – median of $260,393); Melbourne (-1.2%) and Sydney unit prices remained unchanged.
The two capital cities that recorded gains in their median unit prices over the quarter were Canberra, (+ 2.5% – a median of $421,339) and Adelaide (+1% – a median of $296,802.)
Commenting on the June quarter data, Dr Andrew Wilson, senior economist at APM, was reported as saying that following a subdued period of buyer activity, “most Australian capital city housing markets appear to have bottomed out in the December quarter 2011, with modest price growth evident over the first two quarters of 2012 in Sydney, Melbourne, Perth, Canberra, Hobart and Darwin.”
“Brisbane and Adelaide however are the exceptions, with no clear signs of median house price revivals in those markets,” he says.
“This trend towards modest improvements can be expected to continue in most capital city markets over the second half of 2012, underpinned by the prospects of an active spring selling season signalled by recent improvements in auction clearance rates, recent interest rate cuts and positive ABS home loan data.”
Source: Australian Property Monitors
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