Housing market showing signs of weakness

New research has revealed that only three of Australia’s capital cities did not experience declines in house or unit prices during 2014.

Sydney’s median house price reached $882,000 at the end of 2014, according to a report by the Real Estate Institute of Australia and Bendigo Bank.

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.

Canberra house prices grew 9.9 per cent to $545,000, but unit prices fell 3.5 per cent to $410,000.

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, however 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.

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