MELBOURNE
June quarter median price - $860,000 (up from the March quarter at $843,674)
Melbourne’s eclectic mix of creative culture and irresistible food continues to draw Australians in, driving property prices up. The median house price is now just over $860,000, a much more attractive price tag than that of its neighbouring capital, Sydney.
With the unit median price now pushing up to $475,000, this city brings more than just the ‘cool’ factor to the table – it brings opportunity for first home buyers and investors alike.
SYDNEY
June quarter median price - $1,200,000 (up from march quarter at $1,151,565)
Australia’s cosmopolitan hub continues to boom with price growth increasing yet again this quarter. The median house price is now sitting just under $1.2 million, with the unit median almost breaking $760,000.
Sydney’s house price growth is showing signs of ease, with June’s results half of the rates recorded in 2016. While this may be welcome news for buyers seeking a house, the increasing growth of unit prices indicates it’s a strong seller market.
There is a range of property prices across the vibrant city’s suburbs, but what you can buy in the city comes down to lifestyle and individual needs. If strong price growth is something you’re looking for, Sydney remains the capital of choice.
BRISBANE
June quarter median price - $550,000 (up from the March quarter at $532,504)
The Brisbane market is a friendly starting point for buyers seeking more space for their budget. The median house price is just shy of $550,000, with units slightly above $375,000, this quarter.
While it’s been a slow start to the year for Brisbane, there are plenty of fresh developments in the city offering a range of houses and units. This is a key time for first home buyers who are looking for long term gains, as they can secure a property for a reasonable price.
Want something a little out of the city? Regional Queensland offers a laid back beach lifestyle that attracts both locals and out of state buyers chasing a sea-change.
ADELAIDE
June quarter median price - $535,000 (up from the March quarter at $514,853)
The city of churches and fine wines continued its growth patterns this quarter, recording overall increases. The median house price is now around $525,000, with units at a cool $312,000. This resilient market is gaining attention, as it positively grows quarter-to-quarter. If the capital continues on its upward growth pattern, those long-term gains could kick in faster than projected.
PERTH
June quarter median price - $556,000 (down from the March quarter at $561,165)
Perth continues to present opportunities for both buyers and investors. The median house price has fallen just under $556,000 this quarter, while unit prices grew to almost $378,000.
The mixed market is prime for first home buyers looking to secure something with ocean views, without breaking the bank. With unit prices rebounding, now could be the time to secure an investment property as the increasingly stable market points positively toward long-term gains.
DARWIN
June quarter median price - $670,000 (up from the March quarter at $598,914)
Australia’s northern capital presents a mixed market this quarter, which offers an interesting combination of opportunity. House prices have rebounded impressively with the median reaching just under $670,000. In contrast, unit prices experienced a sharp decline to a median of around $350,000.
As confidence in the market increases, it’s likely that prices will follow, pointing positively towards long-term gains.
CANBERRA
June quarter median price - $723,000 (up from the March quarter at $705,059)
Canberra continues to reign as investor paradise this quarter. The median house price is now close to $723,000, while units fell to around $403,000. Despite the decline in unit prices, rental prices held strong at $420 per week, which is a positive story for yield.
Canberra’s mixed market provides ample opportunity for budding investors looking to break into the market. The capital offers something for everyone, with a range of houses and units, coupled with great schools, transport and amenities.
With healthy market confidence and affordable unit prices, the city is bursting with possibilities.
HOBART
June quarter median price - $405,000 (up from the March quarter at $389,625)
Beautiful Hobart is fuelled by the finer things – cheese, wine, art – and is the capital often overlooked. The city boasted strong growth across the board this quarter, with median house prices now at close to $405,000 and median unit prices near $311,000.
Hobart is an impressive contender for anyone ready to swap the hustle and bustle of city life, for something a little more laid back. The capital’s market performance continues to shine, winning the attention of buyers and investors alike.
Dreaming of owning a home? With the country’s most affordable prices and little difference between house and unit price – Hobart is abundant with opportunity.
June quarter medium prices for key regional areas
NSW
Newcastle - $620,000 (March - $570,000)
Albury - $299,225 (March - $347,000)
Wollongong - $760,000 (March - $722,000)
VIC
Greater Geelong - $466,750 (March - $452,000)
Ballarat - $348,000 (March - $325,000)
Greater Bendigo - $350,000 (March unchanged)
QLD
Cairns - $419,000 (March - $417,000)
Gold Coast - $613,500 (March - $600,000)
Sunshine Coast - $565,000 (March - $570,000)
Source: https://www.domain.com.au/product/state-of-the-market-report-june-2017/
