Sydney’s property prices continue to moderate

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).

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).

[Related: Auction clearance rates fall by 10.2%]