Owning your own home is the dream for most Australians. Domain’s quarterly property report looks at each state and reports on property valuation movements for houses and apartments.
Sydney
Prices dipped the previous quarter, but lower interest rates have bolstered buyer confidences and Aussies are getting back into the market, hunting for homes and investment properties.
Apartments: ⇑ 0.6% to $669,830
Houses ⇑ 2.4% to $1,021,968
Melbourne
Melbourne’s market has the strongest annual growth of any capital city and, this quarter, the median house price has hit a record high of $740 995
Apartments: ⇑ 3.5% to $450,933
Houses ⇑ 1.5% to $740,995
Brisbane
The Brisbane house market has grown steadily in recent years and this quarter is no different, with the median price rising 1.2 per cent to $521,915
Apartments: ⇓ 1.8% to $370,251
Houses ⇑ 1.2% to $521,915
Adelaide
There have been mixed results for Adelaide’s market this quarter, with investors and buyers reviving the house market while unit prices fall.
Apartments: ⇓ 1.7% to $294,165
Houses ⇑ 0.9% to $498,927
Perth
While many capitals are on the rise, Perth’s market has taken another knock as the mining sector slows.
Apartments: ⇓ 2.4% to $367,025
Houses ⇓ 1.7% to $568,132
Darwin
Similar to the market conditions in Perth, decreasing mining activity has caused many temporary workers to leave Darwin, pushing house prices in the capital down.
Apartments: ⇔ 0.0% to $448,417
Houses ⇓ 0.7% to $613,590
Canberra
Canberra is the top market performer this quarter, with investor and seller activity invigorated by lower interest rates.
Apartments: ⇓ 1.6% to $399,505
Houses ⇑ 3.1% to $654,306
Hobart
Hobart is still the most affordable capital in the nation, especially in comparison to property markets in Sydney and Melbourne, but the city is on the rise.
Apartments: ⇑ 2.5% to $276,312
Houses ⇑ 0.3% to $345,880
Property Price Comparison June 2015 – June 2016
If you would like to read the complete report, it is available here, or please contact us if you have any questions relating to property investments, home loans and mortgages.