Capital City Median House Prices Generally Stable Last Quarter, Commonwealth Bank Property Value Guide Shows
11 August 2005
Median house prices have remained stable in most of the major capital cities in the June 2005 quarter, while those in the smaller capitals have risen, the latest Commonwealth Bank Property Value Guide shows.
The aggregated national capital city median house and unit prices have now both remained stable over the last three consecutive quarters, which Geoff Austin, the Commonwealth Bank’s Executive General Manager Retail Products says is no surprise given market conditions.
"However, while Sydney, Brisbane, Canberra and Adelaide median house prices were steady in the June quarter, investors and home owners in Darwin experienced an increase with median house prices rising 6.8% and Melbourne, Perth and Hobart also showed small increases. "It is pleasing to see further stabilisation of Sydney median house prices following a period of decline throughout 2004", Mr Austin said.
"While no state experienced a drop in aggregated median house prices, potential unit buyers may benefit from a fall in median unit prices of 1.2% in New South Wales in the June quarter."
In comparison, unit prices rose 8.9% in the Northern Territory, 5.7% in Victoria, 4.5% in Western Australia and 2.4% in Queensland, while South Australia and ACT median unit prices remained unchanged in the quarter.
Mr Austin said, "Amongst speculation and uncertainty about the future direction of property values, the latest Commonwealth Bank Property Value Guide reveals a stable market overall, but some of the smaller states, in particular Northern Territory and Tasmania are still showing signs of growth and Victoria is recovering momentum".
Details about median property price movements at a national, state, regional or postcode level can be found in the Commonwealth Bank Property Value Guide, www.commbank.com.au/propertyvalueguide which is a free online service and a vital starting point for potential home buyers researching the property market.