Powered by MOMENTUM MEDIA
subscribe to our newsletter

Sydney’s property prices continue to moderate

Home prices in Sydney are continuing their downward trajectory, falling over the March quarter, according to new research from Domain.

Sydney’s house prices dropped by 2.6 per cent over the March quarter, with Sydney’s median house price declining to $1,150,357, according to Domain Group’s latest State of the Market Report.

Unit values in Sydney also fell, dropping by 0.5 per cent over the same quarter, with the median unit price now sitting at $740,041.

Darwin’s property prices experienced the sharpest decline, however, with unit prices dropping by 15.9 per cent to $308,999 and median house prices falling by 7.5 per cent to $520,074.

Other capitals to experience declines in both house and unit prices were Brisbane (houses by -0.6 per cent, units by -4.3 per cent) and Perth (houses by -2.0 per cent, units by -3.7 per cent).

Advertisement
Advertisement

Brisbane’s median house price dropped to $557,214 (units to $380,196), while Perth’s median house price fell to $553,486 (units to $351,048).

Conversely, Hobart delivered the strongest price growth over the March quarter, rising by 2.7 per cent, with the median house price jumping to a record high of $450,349. Unit values, however, dropped by 5.7 per cent in the same period ($325,944).

House prices also grew in Melbourne (0.1 per cent/$914,518), Adelaide (0.8 per cent/$533,525) and Canberra (0.8 per cent/$727,914).

Unit prices rose by 0.7 per cent in Melbourne ($505,861), remained stable in Adelaide ($316,851) and fell by 2.2 per cent in Canberra ($411,004).  

On a national level, house prices fell by 1.2 per cent ($809,201), with units also slipping by 0.9 per cent ($555,574).

PROMOTED CONTENT


[Related: Auction clearance rates fall by 10.2%] 

Sydney’s property prices continue to moderate
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.

Charbel Kadib

Charbel Kadib is the news editor on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The digital property settlements platform has appointed independent company directors to its board as it expects to begin trading on the ASX...

A report has called for a royal commission and the Reserve Bank to address soaring house prices, warning that the Australian property market...

Auction volumes were lower last week amid ongoing lockdown restrictions in Melbourne and a long weekend in several states and territories, a...

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.