Sydney dodges price slump
Sydney is the only Australian capital city to escape a downturn in median house prices, with most markets feeling the negative impact of diverse local conditions.
According to Australian Property Monitors’ Quarterly Housing Report, the national median house price has fallen 0.6 per cent to $546,121, while the national unit price has fallen 0.8 per cent to $404,753.
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The two largest markets in the country, Sydney and Melbourne, fared better than most other capital cities in the quarter.
Sydney was the only capital city to experience growth in house prices for the quarter, rising 0.1 per cent to $644,658, and is now nearly $100,000 ahead of the national median house price.
Melbourne recorded no change in house prices for the second quarter in a row, and unit prices fell marginally in the quarter by 0.7 per cent.
Brisbane house and unit prices fell for the second consecutive quarter, resulting in a yearly fall of 4.9 per cent for houses and 3.9 per cent for units, however the city continues to recover from the general disruption to its housing market as a consequence of the January floods.
Speaking about the results, Australian Property Monitors senior economist Andrew Wilson said diverse local conditions were to blame for the deterioration in median prices.
"This is in contrast to the effect of national market conditions that have impacted prices across the board until recently,” Mr Wilson said.
“The prospect remains however of increased buyer activity emerging through the spring selling season, as early signs are emerging of increased first home buyer and investor activity in most markets, albeit from a low base, that will help to encourage market activity and confidence.”
