Powered by MOMENTUM MEDIA
subscribe to our newsletter
Sydney's house price boom is over: Domain

Sydney's house price boom is over: Domain

Domain Group has called time on Sydney's extraordinary house price boom after releasing new data showing a significant slowdown in capital gains.

“The great Sydney house price boom has ended, with house price growth tracking back sharply over the September quarter,” according to Domain.

Sydney’s median house price is just above $1 million after growing 3.2 per cent over the September quarter – a considerable drop on the 8.4 per cent figure recorded in the June quarter.

Advertisement
Advertisement

That is also the lowest quarterly rate of growth reported since March 2014, Domain said.

Unit prices increased 1.5 per cent to $673,000, compared with growth of 6.6 per cent in the previous quarter.

The year-on-year figures are a reminder of just how strong the Sydney boom has been.

Sydney house prices jumped 21.7 per cent over the year to September, while unit prices jumped 15.1 per cent.

Melbourne also reported strong annual growth, with houses up 15.6 per cent to $707,000 and units up 2.4 per cent to $436,000.

Hobart was the only other market to experience growth in both sectors, with house prices climbing 6.5 per cent to $346,000 and unit prices climbing 6.1 per cent to $269,000.

Canberra house prices surged 7.8 per cent to $625,000, but unit prices slumped 5.7 per cent to $386,000, while Adelaide house prices increased 5.1 per cent to $486,000, but unit prices decreased 1.7 per cent to $294,000.

Brisbane houses rose 3.6 per cent to $497,000, while units fell 5.6 per cent to $363,000.

The struggling Perth and Darwin markets reported declines in both sectors.

Perth’s median house price declined 3.2 per cent to $589,000, while the city’s median unit price declined 2.8 per cent to $391,000.

In Darwin, house prices fell 5.1 per cent to $639,000 and unit prices fell 6.9 per cent to $409,000.

Sydney's house price boom is over: Domain
mortgagebusiness

 

Latest News

A big four bank has announced that it will cease accepting new SMSF commercial applications unless customers meet new criteria and that it w...

The Federal Court of Australia has for the first time been given jurisdiction over corporate crime and a $35 million funding boost to suppor...

The prudential regulator has released its revised standard on credit risk management requirements for ADIs, which has undergone no major rev...

FROM THE WEB
podcast

LATEST PODCAST: Changes at the lenders continue

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?