Powered by MOMENTUM MEDIA
subscribe to our newsletter

Capital city house prices outpace Sydney

Australia's capital city achieved the strongest house price growth over the June quarter, hitting a record median price along with two other capital cities.

According to the Domain House Price Report for the June quarter, the average house price increased nationally by 1.5 per cent with median prices hitting a new record in Melbourne, Adelaide and Canberra.

Canberra experienced the strongest growth of all the capital cities with an increase of 3.1 per cent over the June quarter to hit the record price of $654,306.

Melbourne house prices also reached a record high of $740,995, growing by 1.5 per cent over the quarter.

In Adelaide, prices also saw strong growth, rising by 0.9 per cent to hit a record of $498,927.

Advertisement
Advertisement

Looking at the other capital cities, Sydney’s median house price increased by 2.4 per cent to $1,021,968, edging back up over the $1 million mark.

In Brisbane, house prices grew by 1.2 percent to $521,915.

Hobart’s median house price also grew by 0.3 per cent over the quarter to $345,880.

Meanwhile, prices continue to fall in Perth and Darwin.

Perth prices saw a decline of 1.7 per cent to $568,132, marking a sixth consecutive quarter of price falls for the capital with the median price now at its lowest point since March 2013.

PROMOTED CONTENT


House prices also fell in Darwin by 0.7 per cent to $613,590.

Domain chief economist Dr Andrew Wilson commented that these results indicate that recent house price falls are at an end, brought on by a revival of investor activity and a drop in mortgage rates.

“With the prospect of further interest rate cuts, it’s likely that house prices will continue rising in 2016 as improved affordability stimulates a surge in market confidence for both buyers and sellers,” Mr Wilson said.

[Related: House prices fall in almost every capital city]

Capital city house prices outpace Sydney
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Latest News

A foreign bank has had its Australian banking licence revoked by APRA after it pulled out of the Australian market. ...

The average number of days properties spend on the realestate.com.au site fell to a record low in May, with records broken in many states a...

The big four bank has hired the former boss of AUSTRAC as the regulator has launched an investigation against NAB for potential anti-money...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.