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Property prices go backwards in four cities

By Staff Reporter
5

Australia’s property markets have continued to put in a mixed performance, with new pricing data revealing prices have started to decline in four of the eight major cities.

Domain Group’s quarterly price report found that Canberra performed poorly, with house prices rising 0.5 per cent to $586,000 and unit prices falling 0.9 per cent to $413,000.

Hobart also reported mixed results – house prices rose 3.0 per cent to $336,000 but unit prices declined 7.9 per cent to $237,000.

The picture was uniformly bleak for Darwin, as houses fell 6.8 per cent to $634,000 and units fell 2.3 per cent to $434,000.

There were mixed results for Brisbane, with house prices increasing 6.1 per cent to $490,000 and unit prices decreasing 3.3 per cent to $357,000.

The other four capitals recorded more positive results.

Sydney ended 2014 with a median house price of $874,000, which marked an annual increase of 14.1 per cent. Median unit prices jumped 10.4 per cent to $598,000.

Melbourne house prices rose 3.4 per cent to $610,000, while unit prices rose 2.9 per cent to $431,000.

Perth prices moved at below the inflation rate of 1.7 per cent, with houses up 0.2 per cent to $613,000 and units up 0.1 per cent to $406,000.

Adelaide houses climbed 4.1 per cent to $467,000, while units climbed 6.0 per cent to $298,000.

Domain Group senior economist Andrew Wilson said 2015 would be a modest but generally steady year for capital city housing market performances.

Dr Wilson said there would be marginal difference between the performances of the capital cities – with the notable exception of Sydney.

“Median house price growth will push up again towards double figures over 2015 and is expected to break through the $900,000 barrier sooner rather than later,” he said.

Of the other cities, Brisbane, Darwin and Hobart are forecast to be the best performers, with Melbourne and Adelaide in the mid-range, and Canberra and Perth a level below.

 

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