Property Prices Generally Steady in Latest Commonwealth Bank Property Value Guide
4 June 2004
Australia’s median house price rose marginally during May, while the national median unit price remained steady, according to the latest figures from the Commonwealth Bank Property Value Guide.
Geoff Austin, the Bank’s Executive General Manager, Mortgages and Investments, said: "The Property Value Guide figures indicate that house prices have recovered lost ground slightly in some states and capitals as the market has adjusted after the two rises in official interest rates late in 2003. But it’s a patchy picture.
"Nationally, the median house price has risen $20,000 in the three months since February, to reach $300,000 in May, but the picture varies from state to state and capital to capital.
"Median house prices as recorded in the Bank’s Property Value Guide rose slightly in May in each of Victoria, South Australia and Tasmania, were steady in NSW and WA and fell in the ACT and the Northern Territory in May."
Mr Austin said the national median unit price has remained steady since March, but the picture between states varied somewhat.
"In May, median unit prices fell in NSW, SA, the ACT and the NT, and rose in Queensland and Tasmania. Victoria’s median unit price did not change and WA’s eased marginally".
Mr Austin said changes in the median prices for both houses and units varied in capital cities across Australia in May.
"Only Sydney recorded a rise in the median house price in May, increasing 1.8 per cent from $550,000 to $560,000. Median house prices in Brisbane, Adelaide, Melbourne and Perth stayed the same, with falls in Canberra, Darwin and Hobart," he said.
"Median unit prices fell in most capitals, with the exception of Brisbane and Hobart."
"There’s no clear trend in prices right now, except that in the bigger markets it’s fairly steady, so the monthly updated figures in the Commonwealth Bank Property Value Guide are a useful starting point for keeping abreast of median property price movements", Mr Austin said.
"The Commonwealth Bank Property Value Guide is the most up-to-date source of national information on median residential property prices, and the picture emerging from the Property Value Guide appears to be broadly consistent with recent data for the March quarter released by the ABS", Mr Austin said.
The Commonwealth Bank Property Value Guide contains free, month-to-month median house price information about the whole of Australia as well as individual states, local areas and postcodes. Information over three, six and twelve month date ranges is also available at www.commbank.com.au/propertyvalueguide.