Powered by MOMENTUM MEDIA
subscribe to our newsletter

Property prices fluctuate wildly across Australia

Australia’s capital cities posted a string of stand-out real estate results in 2015 – but not all of them were positive.

Sydney finished 2015 with the year’s strongest property price growth, according to December quarterly statistics from Domain Group.

The city’s median house price ended 2015 at $1.01 million after increasing 14.8 per cent during the year, while the median unit price increased 8.7 per cent to $656,000.

However, those statistics are slightly misleading, given that Sydney also experienced the sharpest quarterly declines in house and unit prices on record in the final three months of 2015.

Melbourne experienced its fastest rate of house price growth since 2009, with the median house price surging 14.5 per cent to $719,000. The median unit price grew more modestly, by 2.4 per cent, to $446,000.

Advertisement
Advertisement

Hobart also enjoyed its best run of house price growth since 2009, as house prices jumped 8.7 per cent to $360,000. Unit prices also jumped, rising 7.1 per cent to $268,000.

Adelaide house prices climbed 6.7 per cent to $494,000 – their strongest growth since 2007. Unit prices climbed 5.2 per cent to $310,000 – their strongest growth since 2008.

Canberra put in a mixed performance in 2015, with house prices rising 9 per cent to $652,000 and unit prices falling 2.2 per cent to $405,000.

It was a similar story in Brisbane, where house prices rose 4 per cent to $511,000 and unit prices fell 5.3 per cent to $360,000 – their biggest drop-off since 2000.

Darwin went backwards in both sectors, with the median house price declining 1 per cent to $637,000 and the median unit price declining 2 per cent to $407,000.

PROMOTED CONTENT


Perth was the worst-performing capital city in 2015: house prices slumped 4.5 per cent to $585,000, while unit prices dropped 5 per cent to $389,000. That marked the biggest fall in house prices since 2008 and the biggest fall in unit prices since 2011.

[Related: Sydney property market is delicately poised, says analyst]

 

Property prices fluctuate wildly across Australia
mortgagebusiness

Latest News

The Federal Court has ordered Westpac to pay an agreed $1.3 billion penalty for breaching anti-money laundering and counter-terrorism financ...

The major bank has hired internally to fill the position of head of corporate finance, international, a newly created role overseeing the c...

The ASX-listed bank has reported strong third-party-driven loan book growth over the first few months of the new financial year. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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