House sales soar in Melbourne, slump in Perth

House sales soar in Melbourne, slump in Perth

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Sales volumes have increased in half of Australia’s capitals, while other cities have suffered big declines.

Melbourne experienced the biggest jump in house sales activity over the year to 31 July, with sales jumping 13.7 per cent to 50,190, according to Onthehouse Data.

There was also a significant increase in Brisbane, where sales rose 5.7 per cent to 39,732.

Sales in Hobart increased 5.1 per cent to 2,118, while Adelaide sales climbed 4.5 per cent to 19,141.

Perth registered the biggest decline in house sales activity, with sales dropping 11.7 per cent to 25,671.

Australia’s other struggling market, Darwin, saw sales fall 8.3 per cent to 1,326.

Sydney sales decreased 2.7 per cent to 46,398, while the ACT was down 2.4 per cent to 4,655.

Although Darwin is currently going backwards, it has actually recorded the highest capital gains over the past decade.

Darwin house prices have grown at an average of 7 per cent per year during that time, according to Onthehouse Data.

Sydney and Melbourne both grew at an average annual rate of 6.6 per cent, while the ACT grew at 4.6 per cent and Adelaide grew at 4.4 per cent.

Australia’s three weakest markets during the past 10 years have been Perth with 4.3 per cent, Brisbane with 4 per cent and Hobart with 3.1 per cent.

[Related: Are significant corrections coming to the Sydney market?]

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