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SG Aussie property prices stabilise

Property Here - Saturday, June 15, 2013

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By Andrew Batt:

Median price rises in Australia’s capitals are largely stable – apart from more affordable areas of the capital Canberra, new figures show.

During the first three months of the year the Australian weighted average median house price for the eight capital cities fell 0.2 percent to AUD$534,015, according to the latest Bendigo Bank/REIA Real Estate Market Facts report.

Rises in Sydney, Perth and Darwin were offset by slight falls in Brisbane, Melbourne and Adelaide plus an 8.7 percent drop in Canberra.

The biggest falls in the capital’s districts came in two more affordable areas – 4 percent in Tuggeranong  to AUD$480,000 and 3.2 percent in Gunghalin to AUD$455,000 - that accounted for 80 percent of the 294 preliminary sales. The larger weighting of the index to lower priced house sales led to the overall 8.7 percent fall in the median price.

In more expensive areas, such a Canberra North and South, prices rose 0.6 percent to AUD$746,300 and in the inner South areas they increased 0.8 percent to AUD$617,300.

This is good news for former Prime Minister Kevin Rudd, who is seeing his five-bedroom, four bathroom 35 Mueller Street, Yarralumla, for AUD$2.25million through agent Peter Blackshaw. 

The sophisticated and luxurious split-level 465 sqm home - which has formal Italianate garden - has played host to visiting diplomats and heads of state.

Commenting on the market figures, REIA President, Peter Bushby said: “Sydney, Perth and Darwin recorded increases over the quarter and Sydney continues to have the highest median house price across all capitals at AUD$673,681 – 26.2 percent above the weighted average.”

“The Brisbane median house price fell 2.3 percent during the March quarter to AUD$430,000, Melbourne fell 0.9 percent and Canberra had the biggest drop, down by 8.7 percent. Hobart remains the capital with the lowest median house price.”

“However, compared to the same time last year, the figures are positive as the Australian weighted average median house price rose 4.0 percent and with the exception of Canberra which fell 7.2 percent, prices increased in all capital cities.

“Darwin recorded the largest jump for the year, up by 7.6 percent, while the median house price in Melbourne rose 4.8 percent.”

“The weighted average median price for other dwellings for the eight capital cities also fell by 0.9 percent over the March quarter to AUD$434,601 but increased 1.7 percent compared to the March quarter of 2012.”

Median house rents also rose in all capital cities. Compared to the March quarter 2012, Hobart was the only capital to record a fall in median house rents.

“Compared to the same time last year, Darwin and Perth recorded the largest increases in median rents for other dwellings, up by 18.0 percent and 12.5 percent respectively.”

Vacancy rates in Sydney and Adelaide fell 0.1 percent. At 1.8 percent, Sydney has the tightest rental property market and Hobert the largest oversupply at 4.9 percent.

This story was first published by OPP Connect and is reproduced as part of an editorial partnership betweenPropertyGuru Group and OPP.

Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg