Melbourne price growth leads the nation while other cities fall behind

by | Sep 26, 2016 | property

This article was first published via Property Observer – Thu, Sep 22, 2016


Home values across Australia’s eight capital cities rose at the slowest annual rate in more than three years at the end of the June quarter, according to the Australian Bureau of Statistics.


National prices increased by 4.1 percent annually.


It was the lowest rate of growth since March 2013, when the rate was 3.1 percent.


For the year to June 30, Melbourne residential property ­prices rose 8.2 percent.


Sydney prices were up 3.6 percent annually.


Sydney and Melbourne, led growth in the quarter too, with 2.8 percent and 2.7 percent respectively.


Perth dropped 1.2 percent over the quarter and 4.8 percent over the year.


Darwin fell 2.4 percent in the quarter and 6.5 percent for the year.


The Sydney slowdown was evident as prices rising 3.6 percent in the year to June, was down from 9.7 percent in the year to March. 


Sydney’s median house price rose to $880,000 in the quarter – equal to its value a year earlier – from $850,000 in the March quarter. 


The pace of growth also ticked slightly lower in Melbourne, to 8.2 percent from 9.8 percent in March.


The declines worsened in Perth – to a 4.8 percent fall from 4.5 percent – and also in Darwin, where prices declined 6.5 percent compared with 4.9 percent in March.


Growth picked up in Brisbane (to 4.3 percent from 4.1 percent), Adelaide (to 3.5 percent from 3.1 percent), Hobart (to 4.9 percent from 4.2 percent) and Canberra (to 6 percent from 4.6 percent).