Australia’s capital city median house price has fallen for the first time in over three years, according to the Real Estate Institute of Australia (REIA).
After thirteen consecutive quarters of growth, REIA’s latest Real Estate Market Facts publication showed the weighted average median house price for the eight Australian capital cities decreased in the last quarter of 2015.
Median house prices dropped by 0.4% to $695,788 for houses and by 0.7% to $543,468 for other dwellings, according to the report.
“Strong growth in Hobart, Canberra and Brisbane, followed by marginal increases in Darwin and Perth, were unable to offset falling median house prices in Sydney and Melbourne while
Adelaide recorded no change over the quarter,” REIA president Neville Sanders said.
“Annual growth is still strong but lower compared to what we observed over the last couple of years. Compared to the December quarter of 2014, the weighted average median house price increased by 7.4% while the figure for other dwellings went up by 5.7%.”
Sydney, the strongest property market in the recent years, showed the largest decrease in median prices.