The resilience that the Melbourne property market displayed throughout the June quarter was further highlighted with the recent release of national housing data. This data reveals that Melbourne recorded the strongest growth in property prices in the June quarter in comparison to other capital cities.
The median price of a house increased in Melbourne by 4.9 per cent and is now $451,000. Darwin recorded the second highest level of growth, with a 0.6 per cent increase and now has a median price of $423,299.
Only two other capital cities recorded an increase in the quarter, Adelaide where the median increased by 0.3 per cent to $366,000 and Brisbane which increased by 0.1 per cent to $420,300.
The remaining four capital cities experienced a drop in the median price.
In Sydney the median dropped by 2.1 per cent, this is the second quarter in a row that median dropped. Despite the softer market conditions Sydney still has highest house prices in Australia with a median price of $542,000.
Canberra has had the most significant reduction in value over the March and June quarters, dropping by 3.2 per cent in the June quarter following the drop of 6.8 per cent in March quarter. The median price of a house in Canberra is now just below Melbourne at $450,000.
Perth also experienced a reduction in price over two successive quarters, reducing by 2.5 per cent in March and then 3.7 per cent in June, resulting in a current median price of $443,000.The Hobart median dropped by 3.0 per cent to $325,000.
As a result of these changes in the national housing market, Melbourne now has the second highest median house price of all Australian capital cities. This is a reflection of the strength of local economy and lifestyle and employment choices available to Melbournians.
If interested in learning more about this update please contact me today!
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