Bush capital posts surprise performance
Australia’s capital city experienced the third-highest median house price growth rate over the past financial year according to a recent housing report.
The Domain House Price Report for the June 2015 quarter has revealed that Canberra followed behind the booming markets of Sydney and Melbourne in terms of median house price growth over the 2015-16 financial year.
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Canberra’s median house price grew 1.5 per cent over the June quarter and 5.4 per cent over the financial year, taking it to third place for capital city growth across Australia.
Domain senior economist Andrew Wilson said restored confidence in the local housing market is likely to result in increased buyer activity for the remainder of 2015.
“Canberra has now recorded three consecutive quarters of house price growth for the first time since 2009,” Dr Wilson said.
“However, while house prices are performing well, unit prices did fall sharply over the quarter to be down by 6.8 per cent year-on-year.”
Sydney house prices surged 22.9 per cent over the year, almost double the national median growth of 11.7 per cent. Sydney apartments were also up significantly by 13.9 per cent.
In Melbourne, median house prices were up 10.6 per cent and units up 4.5 per cent year-on-year.
In Adelaide the median house price grew by 3.3 per cent and the median unit price by 0.6 per cent.
Brisbane median house prices rose 1.9 per cent, while units dropped 3.2 per cent.
Darwin showed 1.8 per cent growth on median house prices and 3.3 per cent on units.
Hobart’s median house price was almost unchanged with just 0.6 per cent growth, while units fell 1.6 per cent.
Perth was the worst off, with house prices falling 1.4 per cent and unit prices falling 2.1 per cent.