Property prices in three Australian state capitals fell in the August to October period, including Sydney.
The latest CoreLogic house price report revealed that property prices in Sydney fell by 0.6 per cent in this three-month period – a significant turn of events given that until recently price growth in Sydney had largely been driving the market.
Only Perth and Darwin recorded steeper falls in property values during that quarter — down by 0.7 and 4.4 per cent respectively.
Hobart saw the largest price increases in this quarter (3.3 per cent), followed by Melbourne (1.9 per cent) and Canberra (1.1 per cent).
However, while they may be falling, property prices in Sydney still remain out of reach of many. The country’s largest city still boasts the highest average property price in the country (AUS$905,917) and on a year-on-year basis, prices were still 7.7 per cent higher in October 2017, then they were October 2016. Only Melbourne (11 per cent) and Hobart (12.7 per cent) recorded higher price growth over the past 12 months.
The national median dwelling price was AUS$543,251.
Australian average property prices (by state capitals)
Sydney – AUS$905,917
Melbourne – AUS$710,420
Canberra – AUS$582,882
Brisbane – AUS$490,525
Perth – AUS$483,239
Darwin – AUS$437,910
Adelaide – AUS$430,303
Hobart – AUS$396,393
Article published 2nd November 2017