Weak results for half of Australia’s property markets

Weak results for half of Australia’s property markets

03 March 2015 by Staff Reporter 0 comments

Some agents have even more cause to pray for a rate cut today, after new data revealed four capital cities have been flat over the past year.

The median price for a Sydney dwelling reached $680,000 in February, according to CoreLogic RP Data.

That represented growth of 13.7 per cent on the previous year, and was driven by a 14.7 per cent jump in house prices and a 9.5 per cent jump in unit prices.

Melbourne’s median price rose 7.4 per cent to $515,000, with growth of 8.0 per cent in house prices and 2.8 per cent in unit prices.

Brisbane prices rose 5.9 per cent to $452,000 due to house growth of 6.5 per cent and unit growth of 0.5 per cent.

The median price in Adelaide climbed 3.4 per cent over the year, with houses up 3.6 per cent and units up 1.7 per cent.

Australia’s other four capitals experienced capital gains at or near the inflation rate, which was 1.7 per cent in the 2014 calendar year.

Canberra’s median price climbed 1.8 per cent to $510,000 after house prices increased 2.1 per cent and unit prices fell 1.4 per cent.

It was a similar result in Darwin, where property values grew 1.6 per cent to $530,000 due to a 2.0 per cent rise in house prices and a 0.2 per cent fall in unit prices.

Hobart prices rose 0.7 per cent to $337,000, with houses up 0.6 per cent and units up 1.6 per cent.

Perth prices climbed 0.6 per cent to $410,000, as house prices rose 0.7 per cent and unit prices fell 1.9 per cent.

[Related: Results for January]

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