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Five capital cities record falling prices

By Staff Reporter
7

Five of Australia’s capital cities posted declines in house or unit prices during 2014, new research has revealed.

Canberra house prices grew 9.9 per cent to $545,000, but unit prices fell 3.5 per cent to $410,000, according to a report by the Real Estate Institute of Australia and Bendigo Bank.

Brisbane house prices rose 3.8 per cent to $482,000, while unit prices dropped 1.3 per cent to $385,000.

Darwin house prices declined 4.1 per cent to $585,000, but unit prices jumped 11.2 per cent to $495,000.

Australia’s two other capitals, Perth and Hobart, experienced median price reductions in both forms of housing.

Perth house prices fell 1.8 per cent to $540,000 and unit prices fell 1.4 per cent to $444,000.

Hobart house prices fell 2.7 per cent to $360,000 and unit prices fell 6.3 per cent to $263,000.

The other three capitals posted positive results for both houses and units. 

Sydney’s median house price reached $882,000 at the end of 2014, the report said. 

That marked an increase of 15.2 per cent on the year before.

Sydney also reported a double-digit increase in unit prices, with the median jumping 12.1 per cent to $607,000.

Melbourne house prices climbed 11.7 per cent to $669,000, while unit prices climbed 5.7 per cent to $512,000.

Adelaide was the only other capital to enjoy capital gains for both houses and units, with houses rising 3.7 per cent to $425,000 and units rising 7.4 per cent to $333,000.

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