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Median Home Prices Mainly Unchanged, Says Commonwealth Bank

28 January 2005

National median house and unit prices remained unchanged in the December quarter compared to the September 2004 quarter, the Commonwealth Bank Property Value Guide reveals. Queensland, Western Australia and the Northern Territory are the only states to have recorded an increase in median house and unit prices over the last quarter, with the other states having recorded no change or slight price declines.

"Our Property Value Guide indicates that median property prices around the country have been quite stable. In fact, at a national level, median house and unit prices have been unchanged for each of the last three quarters of 2004. This confirms to us that the property market is experiencing a soft landing after its previous strong gains", said Geoff Austin, Executive General Manager, Mortgages and Investments.

According to the Commonwealth Bank Property Value Guide figures, Queensland was the biggest mover in the major states in the December 2004 quarter, with median house prices increasing 3.8 per cent compared to the September 2004 quarter. In the unit market, Western Australia topped the major states, with a 10 per cent increase in median prices in the December 2004 quarter.

Median house prices in the December 2004 quarter ranged from $400,000 in New South Wales to $200,000 in Tasmania, with both states recording no growth quarter on quarter.

Median unit prices ranged from $360,000 in New South Wales to $160,000 in Tasmania.

Tasmanian unit prices grew by 4.9 per cent whilst New South Wales median unit prices remained unchanged in the quarter.

Mr Austin said: "Although median property prices have been stable at a national level, clearly there are pockets within the property market that are still doing well. With stable house prices, First Home Buyer affordability has improved a little. However, high property prices like those in Sydney, where the median house price is $555,000, can still make it difficult for some people to enter the market."

Details about median property price movements at a national, state, regional or postcode level can be found in the Commonwealth Bank Property Value Guide, which is a free online service and a vital starting point for potential home buyers researching the property market.

For more information go to www.commbank.com.au/propertyvalueguide

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