“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.
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.