Melbourne leads property market turnaround

After
two years of negative news and big price falls, Australia’s property market
outlook is finally improving. Three capital cities recorded average price rises
in the three months to 30 June 2019 according to Domain’s House Price Report
for June, released today.

Nationally,
average house prices slipped 0.4 per cent during the June quarter, a big
improvement from the drop of 2.2 per cent in the first three months of
2019.

In
Melbourne, Hobart and Canberra the outlook is even rosier with average prices
rebounding and growing over the last three months.

Sydney
property price outlook

Sydney’s
median house price is now $1,032,338 and Sydney’s median unit price is
$688,652, according to Domain. Over the last 12 months, Sydney home prices have
lost 9.1 per cent. Over the last three months, Sydney average house prices have
declined 0.4 per cent and Sydney unit prices have also lost 0.4 per cent, a
much smaller fall than in previous quarters.

Sydney’s
median house price is now 14 per cent below the peak of the market in mid-2017.
Slowing price falls and growing auction clearance and attendance rates point to
modest price rises in the coming months, according to Domain.

Melbourne
property price outlook

Melbourne’s
median house price is now $818,237 and Melbourne’s median unit price is
$501,009.

Over
the last 12 months, Melbourne house prices have lost 7.7 per cent. Over the
last three months, median Melbourne house prices have risen 0.3 per cent and
median unit prices have climbed 2.0 per cent.

Auction
clearance rates are improving, particularly in Melbourne’s more expensive
areas, indicating a rebounding market, says Domain.

Brisbane
property price outlook

Brisbane’s
median house price is now $559,167 and Brisbane’s median unit price is
$368,382. Over the last 12 months, Brisbane house prices have lost 1.8 per
cent. Over the last three months, median Brisbane house prices have lost 1. dosage ivermectin demodectic mange 4
per cent and median unit prices have lost 3.1 per cent. Brisbane house prices
have largely held their own since the peak of the market in Queensland in
mid-2018, losing just 2 per cent. Unit prices have fallen 11 per cent. ivermectina x ivomec
Population growth has shielded the Brisbane property market from big losses. does ivermectin kill barber pole
Fewer apartment completions in 2019 and 2020 is expected to support prices
going forward.

Adelaide
property price outlook

Adelaide’s
median house price is now $540,473 (down 0.1 per cent in last three months) and
Adelaide’s median unit price is now $310,642 (down 0.2 per cent).

Over
the last 12 months, Adelaide house prices have lost 1.4 per cent but prices
averaged 4.0 per cent growth over the previous four years.

Adelaide
prices are likely to rise modestly over the next 12 months on the back of
increased buyer interest and interest rate cuts.

Perth
property price outlook

Perth’s
median house price is now $528,186 (down 2.0 per cent over three months) and
Perth’s median unit price is now $342,930 (down 1.6 per cent).

Over
the last 12 months, Perth’s median house price has lost 5.4 per cent in the
last year and 14 per cent since the peak of the market in 2014. Perth could be
set for a rebound in property prices on the back of falling unemployment and
higher population growth.

Hobart
property price outlook

Hobart’s
median house price is now $474,423 (up 0.7 per cent in 3 months) and Hobart’s
median unit price is $356,751 (down 6.4 per cent). Over the last 12 months,
Hobart house prices have lost 3.9 per cent. Hobart house prices are likely to
continue growing on the back of strong population growth and increased investor
activity.

Canberra
property price outlook

Canberra’s
median house price is now $741,947 (up 1.5 per cent) and Canberra’s median unit
price is now $448,737 (down 1.4 per cent). Over the last 12 months, Canberra
house prices have lost just 0.1 per cent. Canberra prices are expected to hold
up over the next year thanks to population growth and low unemployment.

Darwin
property price outlook

Darwin’s
median house price is now $502,521 (down 2.3 per cent over last three months)
and Darwin’s median unit price is now $298,438 (down 4.8 per cent). Over the
last 12 months, Darwin house prices have lost 2.9 per cent. Darwin’s median
unit price has fallen almost 40 per cent since 2016. Darwin prices could fall
further in 2019.