The Mining Slump Has Distorted Australian Property Prices

Home values in Australia’s capital cities have ended the financial year nearly 10 per cent higher.

Earlier this year many commentators expected our property markets to slow down, however two interest rate cuts this year have seen a re acceleration in the Sydney and Melbourne real estate markets but have not been enough to stop falls in Perth and Darwin.

The markets are fragmented

However, the results again showed a great divergence between the booming large east coast capitals, with Brisbane playing catch up and the sagging mining-dependent cities, with the rest stuck in between.

A 2.8 per cent jump in June saw Sydney prices reaccelerate to a 16.2 per cent annual rise, while a similar monthly rise in Melbourne saw its annual growth back in double-digits.

On the other side of the country, Perth property prices eased 0.4 per cent last month and are now down almost a full per cent over the past year, while a 3.9 per cent slump for Darwin in June dragged its annual property price movement into negative territory.

Check out the following interactive graphic to see how you real estate market is performing:

Source: ABC


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