Prices surge in some markets, slump in others

Melbourne’s median house price reached $595,000 at the end of January – an 11.0 per cent jump on the year before.

Sydney slipped to second place after the city’s median house price increased 10.5 per cent to $776,000. Canberra house prices also grew strongly, rising 6.0 per cent to $588,000.

House price growth was more subdued in other cities, with Brisbane up 2.8 per cent to $478,000, Hobart up 2.3 per cent to $333,000 and Adelaide up 1.1 per cent to $420,000.

The other two capitals went backwards, with Darwin’s median house price down 2.5 per cent to $520,000 and Perth’s median house price down 4.1 per cent to $515,000.

Meanwhile, Hobart unit values skyrocketed in the year to January, with the median price surging 13.2 per cent to $280,000.

Sydney again claimed second place after the city’s median unit price increased 9.6 per cent to $655,000.

Three other cities made gains – Melbourne rose 5.4 per cent to $492,000, Brisbane rose 4.5 per cent to $392,000 and Darwin rose 0.7 per cent to $507,000.

However, Perth fell 0.4 per cent to $424,000, Canberra fell 3.3 per cent to $420,000 and Adelaide fell 3.9 per cent to $355,000.

[Related: Many markets slowed in 2015]