Housing boom may be drawing to a close

Housing boom may be drawing to a close

02 April 2015 by Staff Reporter 1 comments

Property price growth has started to look very modest throughout Australia, with the notable exception of Sydney.

New CoreLogic RP Data statistics have revealed that the median price in Australia’s eight capital cities grew by an average of 3.1 per cent during the 12 months to 31 March 2015.

However, the average growth rate was only 1.5 per cent once Sydney was excluded.

Sydney’s median house price jumped 14.9 per cent to $782,000, while its median unit price jumped 9.7 per cent to $600,000.

Melbourne house prices rose 6.0 per cent to $560,000, while unit prices rose 2.4 per cent to $445,000.

Brisbane houses were up 2.6 per cent to $476,000, while units were up 3.0 per cent to $380,000.

House prices in Adelaide climbed 2.1 per cent to $427,000, while unit prices climbed 2.6 per cent to $340,000.

Property price growth in Australia’s other four capitals came in under the inflation rate, which was 1.7 per cent in 2014.

Canberra house prices increased 1.6 per cent to $590,000, while unit prices increased 0.2 per cent to $413,000.

Perth house prices rose 0.2 per cent to $530,000, although unit prices fell 2.8 per cent to $435,000.

Hobart houses climbed 0.3 per cent to $340,000 while units dropped 5.7 per cent to $260,000.

Darwin houses fell 1.5 per cent to $580,000, while units grew 2.7 per cent to $470,000.

[Related: Reserve Bank warns market about major downturn]

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