After thirteen consecutive quarters of growth, the weighted average median house price for the eight Australian capital cities decreased in the last quarter of 2015.
Australia’s housing market recorded the first decrease since the December quarter of 2012, according to the latest REIA Real Estate Market Facts publication.
The REIA President Neville Sanders says, “The weighted average, capital city median price decreased by 0.4% to $695,788 for houses and 0.7% to $543,468 for other dwellings.”
“Strong growth in Hobart, Canberra and Brisbane, followed by marginal increases in Darwin and Perth, were unable to offset falling median house prices in Sydney and Melbourne while Adelaide recorded no change over the quarter.”
“Annual growth is still strong but lower compared to what we observed over the last couple of years. Compared to the December quarter of 2014, the weighted average median house price increased by 7.4% while the figure for other dwellings went up by 5.7%.”
“Sydney, the strongest market in the recent years, showed the largest decrease in median prices leaving some commentators speculating whether the city’s housing market has reached its peak.”
“Regulatory frameworks are responsible for the decrease in the value of investment housing commitments. Uncertainty around the future on negative gearing arrangements is expected to further contribute to the decline in investor activity. With this, owner occupiers continue to have a strong presence in the stabilising market,” concluded Mr Sanders.
View media release HERE
COVID-19 PANDEMIC SEES FIRST HOME BUYERS INCREASE MARKET SHARE BY 50.4%
HOUSING FINANCE RECORDS CONTINUE TO TUMBLE IN 2021
REIA News – February 2021
REGIONAL PREFERENCES MEANS REGIONAL REFORM FOR HOUSING IS NEEDED
SHOW WILL GO ON FOR AUSTRALIAN REAL ESTATE AS FACEBOOK REMOVES POSTS
REIA LISTS 12 PRIORITIES FOR THE FEDERAL GOVERNMENT TO ADDRESS IN THE BUDGET
CHRISTMAS GIFT FOR HOUSING AS LENDING FINISHES IN 2020 ON A RECORD HIGH
REIA News – January 2021