Property prices falling in major cities

Property prices falling in major cities

All but one of Australia’s capital cities experienced some sort of decline in property values in the year to September, according to new data.

Domain found that Hobart was the only capital not to experience reductions in its median house price or median unit price over the year (see table below).

Sydney, Perth and Darwin experienced declines in both categories, while house prices fell in Melbourne, and unit prices fell in Brisbane, Adelaide and Canberra.

Here are some of the other key findings from Domain’s quarterly report:

  • Sydney house prices had their biggest fall in more than 20 years
  • Melbourne house prices had their first annual decline in six years
  • Brisbane unit prices fell 3.8 per cent over the quarter
  • Perth unit prices fell 7.1 per cent over the quarter
  • Hobart reported double-digit growth for both houses and units
  • Adelaide dwelling prices recorded their fifth consecutive year of growth
  • Canberra house prices recorded their sixth consecutive year of growth
  • Darwin reported double-digit declines for both houses and units
City Median house price Annual change Median unit price Annual change
Sydney $1,101,532 -6.5% $734,775 -1.3%
Melbourne $852,980 -3.2% $496,260 1.5%
Brisbane $567,376 2.2% $376,972 -6.8%
Perth $544,609 -2.2% $347,089 -4.5%
Adelaide $535,527 3.8% $316,163 -0.2%
Hobart $478,491 19.3% $352,111 12.8%
Canberra $740,215 4.0% $412,888 -4.0%
Darwin $519,260 -12.0% $312,456 -11.4%

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