Sydney real estate market turns negative

Sydney real estate market turns negative

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For the first time in three years, Sydney’s quarterly dwelling price growth has experienced a decline, according to fresh figures from the Australian Bureau of Statistics.

The ABS data showed that Sydney’s residential property prices decreased by 1.6 per cent in the December 2015 quarter. However, the Harbour City recorded annual price growth of 13.9 per cent last year.

Darwin experienced the worst quarterly price growth of all capital cities – down 1.8 per cent – while its annual price growth slowed by 3.2 per cent.

Canberra was the best performing capital for price growth in the quarter at 2.8 per cent, while its annual price growth was at 6.0 per cent.

Hobart was the next best capital for quarterly growth at 2.5 per cent, while its annual price growth was at 3.5 per cent.

Melbourne’s quarterly price growth was 1.6 per cent, while its annual growth was 9.6 per cent. Brisbane’s quarterly price growth was also 1.6 per cent, and its annual growth was 4.2 per cent.

Adelaide’s price growth for the quarter was 0.9 per cent, while Perth’s finished at 0.5 per cent. The South Australian capital also experienced annual price growth of 3.3 per cent, while Perth’s annual price growth was down 2.9 per cent.

The weighted average quarterly price growth for the eight capitals was at 0.2 per cent, and at 8.7 per cent for the 2015 calendar year.

[Related: Extra week helps sell $4m 'extremely rare' property]

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