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Hobart outpaces Sydney and Melbourne

Hobart outpaces Sydney and Melbourne

Hobart recorded the fastest house price growth during the 2016-17 financial year, new data from Domain has revealed.

The city’s median house price reached $404,522 during the June quarter – a 15.2 per cent increase on the year before (see table below).

That placed Hobart ahead of both Melbourne (15.1 per cent) and Sydney (12.7 per cent).

Meanwhile, Hobart’s median unit price jumped 7.7 per cent to $310,854.

That ranked it ahead of Melbourne (4.6 per cent) but behind Sydney (10.5 per cent).

Other markets struggling

While Hobart posted strong growth in both sectors, Darwin experienced a mixed bag.

The city’s median house price jumped 12.2 per cent to $666,686. However, its median unit price plummeted 23.5 per cent to $351,880.

The other struggling markets were Perth houses, which fell 3.8 per cent, Brisbane units, which fell 4.9 per cent and Canberra units, which fell 3.7 per cent.

House prices

RegionMedian priceQuarterly changeAnnual change
Sydney$1,178,4171.6%12.7%
Melbourne$865,7123.5%15.1%
Brisbane$546,043-0.1%3.1%
Perth$555,788-1.8%-3.8%
Adelaide$524,9680.9%6.6%
Hobart$404,5224.3%15.2%
Canberra$723,2993.9%8.9%
Darwin$666,6866.1%12.2%
National$818,4161.7%10.1%

Unit prices

RegionMedian priceQuarterly changeAnnual change
Sydney$757,9913.2%10.5%
Melbourne$474,8482.1%4.6%
Brisbane$375,269-5.5%-4.9%
Perth$377,8231.1%0.0%
Adelaide$312,3460.9%2.8%
Hobart$310,8543.8%7.7%
Canberra$403,128-2.9%-3.7%
Darwin$351,880-13.4%-23.5%
National$573,0641.7%6.4%

Click here to see how rental conditions have changed throughout Australia.

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