MELBOURNE
September quarter median price for houses - $852,000 (down from the June by 3.9%)
Melbourne’s medium house prices is evident of a cooling off of the market during this quarter. This is the first time there has been a decline in the medium house price for many quarters.The top three most in demand suburbs for houses in Melbourne are - Albert Park, Hawthorn and Red Hill.
With the apartment median price dropping by 1.6% to $496, 260, this city brings more than just the ‘cool’ factor to the table – it brings opportunity for first home buyers and investors alike. The top three most in demand suburbs for apartments in Melbourne are Montmorency, Parkdale, Middle Park.
SYDNEY
September quarter median house price - $1,101,532 (down from the June quarter by 3.1%)
This is the third consecutive quarter where Sydney house prices have fallen, heralding a significant cooling off of prices. This is welcome news for buyers seeking a house, especially with government incentives for First Home Buyers. Top three most in demand suburbs for houses in Sydney are - Neutral Bay, Freshwater and Paddington.
Sydney apartment prices also decreased to $734,775 over the September quarter, reflecting a 0.7% quarterly decline and a 1.3% annual drop. Top three most in demand suburbs for apartments in Sydney are McMahons Point, Fairlight and Queendscliff.
BRISBANE
September quarter median price - $567,376 (down from the June quarter by .4%)
The Brisbane medium house price declined marginally by 0.4% over the September quarter, reaching $567,376. Despite the quarterly fall, the median house price rose by 2.2 per cent year-on-year. Brisbane still offers plenty of fresh housing opportunities across the range of houses and units. Top three most in demand suburbs for houses in Brisbane are - Red Hill, Paddington and Grange.
The median unit price in Brisbane fell by 3.8 % over the September quarter and 6.8% over the year to $376,972. Top three most in demand suburbs for apartments in Brisbane are - Red Hill, Holland Park, Camp Hill.
ADELAIDE
September quarter median price - $535,527 (down from the June quarter by 0.3%)
Similar to Brisbane, Adelaide also experienced a marginal 0.3% decline over the September quarter, which pulled the Adelaide median house price down to $535,527. The median house price in Adelaide increased 3.8%over the year. Top three most in demand suburbs for houses in Adelaide are - Stirling, Parkside and Aldgate.
The medium apartment price in Adelaide increased 1.3% over the September quarter to $316,163. The top three most in demand suburbs for apartments in Adelaide are - Clarence Park, Glenelg South and West Beach.
PERTH
September quarter median price - $556,000 (down from the June quarter by 2.4%)
Perth has experienced a further decline in house prices over the September quarter, reaching a median of $544,609.
Apartment prices in Perth fell by 7.% over the September quarter to reach a median of $347,089.
The market is still prime for first home buyers looking to secure something with ocean views, without breaking the bank.
DARWIN
September quarter median price - $670,000 (down from the June quarter by 2.2%)
Australia’s northern capital continues to presents a mixed opportunities in both the housing and apartment sectors. The median house price in Darwin fell by 2.2 per cent over the September quarter, reaching $519,260. The top three most in demand suburbs for houses in Darwin are - Nightcliff, Fannie Bay and Tiwi.
Darwin still retaining it's banner of the most affordable Australian capital city to purchase an apartment. Median apartment prices in Darwin also decreased to $312,456, reflecting a 2.6 per cent quarterly fall. Darwin is now the most affordable Australian capital city to purchase a unit. The top three most in demand suburbs for apartments in Darwin are - Fannie Bay, Bayview and Stuart Park.
CANBERRA
September quarter median price - $740,215 (no change from the June quarter)
House prices remained steady over the September quarter and increased 4.0% over the year to $740,215. The top three most in demand suburbs for houses in Canberra are - Kaleen, O'connor and Evatt.
Apartment prices fell 3.4% over the September quarter and 4.0 per cent over the year to $412,888.Canberra continues to hold it's own as investor hub this quarter. Despite the decline in unit prices, rental prices are again holding strong. With healthy market confidence and affordable unit prices, the city is bursting with possibilities. The top three most in demand suburbs for apartments in Canberra are - Ngunnawal, Watson and O'connor.
HOBART
September quarter median price - $478,491 (up from the June quarter by 3.7%)
The median house price jumped 3.7 per cent in Hobart to reach $478,491 over the September quarter, marking a huge 19.3 per cent increase year-on-year. The top three most in demand suburbs for houses in Hobart are - Lindisfarne, Sandy Bay and Howrah.
Median apartment prices decreased by 4.1 per cent in September to $352,111, however, the city saw an increase of 12.8% per cent over the year. The top three most in demand suburbs for apartments in Hobart are - Sandy Bay, Hobart and West Hobart.
Hobart continues to surprise investors and owner-occupiers alike. The city continues to boast strong growth across the board this quarter. 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.
Sources: https://www.domain.com.au/product/state-of-the-market-report-june-2017/
https://www.realestate.com.au/australian-property-market/property-report-october-2018/
