Sydney`s house prices have fallen for the first time in six years (Domain)
Sydney, Australia`s highest-priced capital, has fallen 1.4 percent in the past 12 months, its first annual decline since 2012.
Home prices in Australia fell 1.2 percent in the first quarter of 2018, while median prices fell to A $809201, according to the latest housing status report, (State of the Market), according to Domain. Darwin`s house price fell the highest in the quarter, to 7.5%. Sydney`s house prices fell 2.6% in the quarter, with median prices falling to A $1150337.
House prices in Perth`s stand-alone homes have been on a downward trend since their peak in December 2014, with median prices falling from a peak of A $616229 to A $553486 today.
Perth real estate market has begun to show signs of improvement in recent years, but the seasonal changes are obvious. Local market analysts said a recovery in Western Australia could lead to a stabilisation of house prices, although any meaningful growth could take some time.
The Hobart property market was the strongest, with house prices rising 2.7 percent in the first quarter of this year and 15.5 percent a year, the first in the capital city. Canberra and Adelaide were up 1.8%. Darwin`s apartment prices plummeted, falling 15.9 percent in the first quarter of this year, down 26.9 percent from a year earlier.
Powell (Nicola Powell), a data expert at the Domain Group, said the Darwin property market had been volatile, and the latest report showed that the situation would continue. In real terms, after deducting inflation, Darwin`s home price has fallen back to 2008 levels, making it the cheapest capital city for apartments in Australia. Darwin`s median apartment price, which was A $422875 in March last year, has fallen to A $308999, while the median price for stand-alone homes has fallen to A $520074.
Domain`s recent rental report also revealed an annual decline in average rents for Darwin`s homes, with the average rent for independent homes falling to A $530 a week and the average rental for apartments falling to A $410 a week.
Melbourne home prices rose only 0.1 percent in the first quarter of this year, but rose 8.8 percent from the previous year, with a median price of A $914518 for stand-alone homes. Prices in Brisbane were relatively stable, falling 0.6 percent in the quarter, but up about 1.5 percent from a year earlier.
Daley (John Daley), (Grattan Institute) chief executive of the Grayton Institute, said house price growth in Melbourne and Hobart was largely driven by "rapid population growth."
