The median house price for Australia’s combined capitals has declined, with the weighted average median prices decreasing by 0.8% for houses and 2.6% for other dwellings, according to the latest Bendigo Bank/REIA Real Estate Market Facts report.
The weighted average median price for houses across the eight capitals has dropped to $762,000, as prices in five of the eight capitals (Sydney, Adelaide, Perth, Canberra, and Darwin) fell during the September quarter. House prices in Darwin fell the most sharply, dropping 8.3%.
The weighted average median price for other dwellings dropped to $588,400, and once again, Darwin prices for other dwellings fell the most sharply over the quarter – down 13.8%.
Also read: Strong population growth may not save house prices from falling
“It is usual for the September quarter to show a slight dip or at least a slowdown in the rate of change in prices, as buyers and sellers alike gear up for the traditional spring sales season,” said Malcolm Gunning, president of the Real Estate Institute of Australia (REIA).
“The September quarter figures also need to be interpreted against a background of sustained growth over a number of years, particularly in Melbourne and Sydney, and can be seen as an extremely active market ‘catching its breath’.”
Here’s more information on median house price movements during the September quarter:
Canberra, ACT
The median house price dropped to $640,000, a decline of 1.5% over the quarter, but an increase of 7.9% over the previous year.
Sydney, NSW
The median house price decreased to $1,176,567, a drop of 2% over the quarter but an increase of 9% over the previous year.
Darwin, Northern Territory
The median house price decreased to $495,000, a drop of 8.3% over the quarter and a decrease of 10% over the previous year.
Brisbane, Queensland
The median house price rose to $516,900, an increase of 0.4% over the quarter and a surge of 3.4% over the previous year.
Adelaide, South Australia
The median house price dropped to $450,000, a decline of 2.1% over the quarter, but an increase of 2.3% over the previous year.
Hobart, Tasmania
The median house price surged to $436,300, an increase of 1.5% over the quarter and a surge of 13.3% over the previous year.
Melbourne, Victoria
The median house price rose to $817,000, an increase of 0.7% over the quarter and a surge of 12.7% over the previous year.
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