Average residential property prices in six of Australia’s eight state and territory capital cities fell last month, new figures show.
According to May’s RP Data Rismark Hedonic Home Value Index, only Perth, Western Australia, and Hobart, Tasmania, recorded property price rises last month, with house values rising by 1 per cent and 2.2 per cent respectively.
The Northern Territory’s capital, Darwin, witnessed the largest price decreases during the month (-3.5 per cent), followed by Adelaide, South Australia (-2.3 per cent) and Melbourne, Victoria (-2.1 per cent).
While, overall, May’s average property prices in Australia were found to be down by 1.2 per cent from April, the average prices were still 2.9 per cent higher than they were at the same time last year – so it’s not all doom and gloom. Even prices in Darwin were up by 4.7 per cent from a year ago.
The report shows that Sydney is Australia’s most expensive capital city in which to buy residential property, with the median price of apartments and houses in the city currently sitting at AUS$580,000. The cheapest capital is Hobart, with a median dwelling price of AUS$321,000, while the combined capital city aggregate is AUS$491,000.
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