Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

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.

Advertisement
Advertisement

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.

Housing market showing signs of weakness
mortgagebusiness

Latest News

The banking industry has agreed on a common approach to COVID-19 loan repayment deferrals, stating that these will not impact a borrower...

The ratings agency is forecasting a material rise in defaults off the back of the economic shock from the coronavirus outbreak. ...

With lower interest rates off the table, the Reserve Bank has been urged to ramp up its quantitative easing strategy. ...

FROM THE WEB
podcast

LATEST PODCAST: Managing the influx of COVID-19-related loans

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

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