Melbourne’s median house asking price reaches $1 million

Capital City asking prices rose 0.1% for houses and 0.3% for units for the month thouse prices 2017o 31 December.

The largest monthly rise came from Canberra, where house asking prices rose 3.0%.

Unit asking prices in Canberra also recorded the highest monthly growth at 1.1%.

Year-on-year asking house price gains were the strongest in Melbourne, with prices rising by 27.8%.  

And Melbourne will continue its ongoing strength which is also reflected in the median house asking prices which has now reached A$1 million dollars.

Hobart recorded the strongest asking price gains for units, which were up 19.5% over the year.

Year-on-year prices fell in Darwin and Perth as the mining downturn continues to impact the property markets there but the cities are showing plenty of signs of an upturn.

 

SQM Research Weekly Asking Prices Index
Week ending: 2 Jan 2018 Asking Price Chg on

prev week

Rolling month

% chg

12 mth

% chg

Canberra All Houses 802.9 2.8 3.0% 19.9%
All Units 401.9 0.4 1.1% 8.2%
Sydney All Houses 1,329.8 -1.7 -1.0% 3.7%
All Units 708.0 2.2 0.2% 5.1%
Darwin All Houses 601.6 -1.4 -0.5% -3.2%
All Units 409.6 0.2 0.1% -6.6%
Brisbane All Houses 614.1 -0.4 0.1% 2.4%
All Units 381.5 -0.4 -0.0% 0.9%
Adelaide All Houses 526.2 2.0 1.3% 4.8%
All Units 302.1 0.9 0.5% 1.7%
Hobart All Houses 489.9 0.3 0.1% 14.3%
All Units 318.3 0.2 -0.7% 19.5%
Melbourne All Houses 1,000.3 4.0 2.1% 27.8%
All Units 528.1 0.6 0.4% 15.0%
Perth All Houses 672.3 0.2 -0.1% -0.9%
All Units 390.0 -1.1 -1.2% -7.9%
National All Houses 567.8 -0.8 -1.2% 11.3%
All Units 374.5 0.6 0.4% 7.9%
Cap City Average All Houses 961.9 2.4 0.1% 9.7%
All Units 568.9 1.8 0.3% 6.4%

Source: www.sqmresearch.com.au

Fewer houses for sale

National residential listings declined in December 2017 by 4.6% to 319,192, with stock levels decreasing in all states as is expected during the festive and summer break.

This seasonality decline is typical as vendors withdraw advertising and inspections over Christmas and New Year.

The largest decline in listings occurred in Sydney, down 15.0%, followed by Canberra 13.4% and Melbourne 12.6% decreases.

Perth recorded the smallest decline at 3.4%.

City December 2016 total November 2017 total December 2017 total Monthly change % Yearly change %
Adelaide          16,074          17,289          16,588 -4.1% 3.2%
Brisbane          29,116          31,738          30,040 -5.4% 3.2%
Canberra            3,209            4,071            3,527 -13.4% 9.9%
Darwin            2,007            2,168            2,055 -5.2% 2.4%
Hobart            3,390            2,451            2,426 -1.0% -28.4%
Melbourne          32,205          33,070          28,895 -12.6% -10.3%
Perth          26,706          26,158          25,277 -3.4% -5.4%
Sydney          23,171          33,046          28,103 -15.0% 21.3%
National        333,959        334,594        319,192 -4.6% -4.4%

Year-on-year results indicate that residential property listings are up for most capital cities with Sydney experiencing the largest yearly increase of 21.3%, with residential property listings increasing from 23,171 in December 2016 to 33,046 in December 2017.

Canberra follows with a yearly increase of sale listings of 9.9%, Adelaide and Brisbane both recorded a 3.2% year-on-year increase and Darwin’s increase was 2.4%.Fewer Listings

In contrast, year-on-year results indicate that Hobart experienced an excessive yearly decline of 28.4%, with residential property listings dropping from 3,390 in December 2016 to 2,426 in December 2017.

Melbourne also experienced yearly decline of sale listings at 10.3% and Perth recorded a 5.4% decline.

December listings usually decline as the market slows during the Christmas and New Year break, so the results are expected.”

There is a significant year-on-year decrease in Hobart and the city’s leading housing indicators suggests more price rises are to come.  Our forecast is for a 8-13% increase in prices in 2018.

Melbourne prices will continue to strengthen

Melbourne has a year-on-year decrease and we are still of the belief this is just a temporary stay and Melbourne will continue its ongoing strength which is also reflected in the median house asking prices which has now reached A$1 million dollars.

Sydney’s significant year-on-year increase indicates the city continues to have the highest level of listings since October 2012 but we predict there will be a modest slowdown in the Sydney housing market.


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About

Louis is recognised as one of Australia’s most respected and impartial research property analyst. He has extensive knowledge and experience of property and is regularly quoted in the media on his insights and is director of SQM Research.
Visit www.SQMResearch.com.au


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