According to the latest ABS Data, the median price of housing across most capital cities rose slightly in the June Quarter following recent interest rate reductions, and a slight improvement in confidence in the market.
The median value of established housing rose higher on last quarter with Hobart up 4.2%, Canberra up 3.4%, Sydney up 0.6% and Brisbane up 0.2%. Conditions remain difficult in Melbourne which was unchanged with Perth dropping -3.4% and Adelaide down -1.0%.
The median house price in Sydney is now $975,000 which is drop of -10.7% from the same period last year and a drop of -16.6% from the peak in June 2017. The Melbourne median price is $680,000 reflecting a drop of -9.3% on the same period last year and the same from the previous peak in December 2017. Brisbane has fared better with a median value for the quarter of $535,000 and a drop of less than -1% from the peak in December 2018.
The volume of transactions is also well down on previous periods with most cities down -15% to -30% in the number of dwellings sold over the June Quarter compared to the previous June Quarter.
Apartment prices were lower across the the Capital cities with Melbourne showing a gain of 3.8% on the previous quarter but Sydney down -0.6%, Brisbane down -1.3%, Perth down -2.6%, Adelaide down -2.0% and Canberra down -2.2%.
The median apartment price in Sydney is now $690,000, Melbourne $535,000, Brisbane $385,000, Canberra $430,000 and Perth $375,000.
Transaction volumes are also significantly lower across all capital cities with approx -15% to -33% lower numbers of properties sold.
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