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Booms, slumps and everything in between for real estate prices
Australia’s capital city property markets have experienced more downs than ups over the past three months, with only Hobart and Adelaide reporting growth.
Hobart’s median price rose 3.2 per cent during the February quarter, while Adelaide’s climbed 0.1 per cent, according to CoreLogic (see table below).
By contrast, prices went backwards in the once-booming cities of Sydney (-2.4 per cent) and Melbourne (-0.4 per cent).
Darwin (-2.0 per cent) and Perth (-0.7 per cent) continued their slump, which has now lasted several years.
There were also quarterly price falls in Canberra (-0.2 per cent) and Brisbane (-0.1 per cent).
Hobart keeps powering ahead
Looking at the past 12 months, the eight capital cities can be divided into five different categories – booming, growing, stagnant, falling and slumping.
Hobart is booming, with its median price jumping 13.1 per cent during the year to February.
Melbourne is growing, with prices up 6.9 per cent over the year.
Canberra (3.2 per cent), Adelaide (2.2 per cent) and Brisbane (1.8 per cent) are stagnant, with values rising roughly in line with Australia’s inflation rate (1.9 per cent).
Sydney is a falling market, with prices down 0.5 per cent.
Darwin (-7.4 per cent) and Perth (-2.7 per cent) are slumping markets.
| Region | Monthly change | Quarterly change | Annual change | Median price |
|---|---|---|---|---|
| Sydney | -0.6% | -2.4% | -0.5% | $880,743 |
| Melbourne | -0.1% | -0.4% | 6.9% | $723,334 |
| Brisbane | -0.1% | -0.1% | 1.8% | $491,850 |
| Adelaide | 0.0% | 0.1% | 2.2% | $433,354 |
| Perth | -0.2% | -0.7% | -2.7% | $464,474 |
| Hobart | 0.7% | 3.2% | 13.1% | $416,840 |
| Darwin | -0.9% | -2.0% | -7.4% | $426,421 |
| Canberra | -0.3% | -0.2% | 3.2% | $588,616 |
| All capitals | -0.3% | -1.2% | 2.0% | $655,768 |
| All regions | 0.4% | 0.9% | 2.8% | $360,854 |
| Australia | -0.1% | -0.8% | 2.2% | $552,316 |
Disclaimer
This article is over two years old, last updated on March 1, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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