Sydney enters negative territory

For the first time in three years, Sydney’s quarterly dwelling price growth has experienced a decline, according to fresh figures from the Australian Bureau of Statistics.

The ABS data showed that Sydney’s residential property prices decreased by 1.6 per cent in the quarter ending in December 2015. However, the harbour city recorded annual price growth of 13.9 per cent last year.

Darwin experienced the worst quarterly price growth of all capital cities – down 1.8 per cent – while its annual price growth slowed by 3.2 per cent.

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Canberra was the best-performing capital for price growth in the quarter with 2.8 per cent, while its annual price growth was 6.0 per cent.

Hobart was the next best capital for quarterly growth at 2.5 per cent, while its annual price growth was 3.5 per cent.

Melbourne’s quarterly price growth was 1.6 per cent, while its annual growth was 9.6 per cent. Brisbane’s quarterly price growth was also 1.6 per cent and its annual growth was 4.2 per cent.

Adelaide’s price growth for the quarter was 0.9 per cent, while Perth’s finished at 0.5 per cent. The South Australian capital experienced annual price growth of 3.3 per cent, while Perth’s annual price growth was down to 2.9 per cent.

The weighted average quarterly price growth for the eight capitals was 0.2 per cent, and 8.7 per cent for the 2015 calendar year.