Capital city house prices fall
Median house prices were dragged down by five of the eight capital cities.
New figures from the Real Estate Institute of Australia show median prices fell 0.8% across Australia’s capitals, while prices for other dwellings were down 2.6%.The median capital city house price now sits at $762,000, while the median price for other dwellings fell to $588,400.
Median prices fell in Sydney, Adelaide, Perth, Canberra and Darwin, with Darwin seeing the largest quarterly decline at 8.3%.
Sydney continued its price slide with a decrease of 2% over the September quarter. Median prices for other dwellings were down in Sydney, Melbourne, Adelaide, Perth and Darwin. Darwin once again saw the largest decline at 13.8%.
REIA president Malcolm Gunning tried to put a positive spin on the figures, saying the slowdown did not come as a surprise.
“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. 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,” he said.