Capital cities see property prices rise except for one, vacancy rates down in most

The only capital city property market that did not see a price increase was Canberra, which was down 2.7 per cent.

“The weighted average median price for other dwellings increased 0.6 per cent, $590,455 over the quarter, with prices increasing in all capital cities except for Sydney, down 0.4 per cent, and Darwin sliding 7.4 per cent,” said Malcolm Gunning, REIA president.

“Hobart had the largest increase in the median price for both houses at 5.2 per cent and for other dwellings at 4.8 per cent.”

Rents for three-bedroom houses in capital cities remained solid with either holding steady or increasing in every capital city, with Hobart rising the most at 2.7 per cent, while median rents in the Tasmanian capital city rose by 3.2 per cent.

Meanwhile, rents in Melbourne and Brisbane held and decreased in Sydney, Adelaide, Darwin, Canberra and Perth, with the latter decreasing the most at 4.7 per cent.

Mr Gunning said vacancy rates decreased for the most part, falling in Melbourne, Perth, Hobart, Canberra and Darwin, with the latter two decreasing the most at 0.6 per cent, and rose in Sydney and Brisbane.

However, the weighted average vacancy rate for all the capital cities rose by 2.8 per cent over the quarter.