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RESIDENTIAL PROPERTY

Canberra leads house price decline

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AUSTRALIAN capital cities saw house prices fall by 0.8% in the June quarter, with drops in all capital cities except for Brisbane, Hobart and Darwin.

Other dwellings fell by 0.3%, according to the REIA’s Real Estate Market Fact.

House prices slid to a median of $765,098 while other dwellings were at $590,935.

Canberra saw the largest fall in house prices and Adelaide had the largest decline in other dwellings, and Adelaide has both the lowest median price for houses at $471,000 and for other dwellings at $354,167.

“Over the quarter, the median rent for three-bedroom houses increased in Canberra and Darwin, remained steady in Perth and, decreased in Sydney, Melbourne, Brisbane, Adelaide and Hobart,” REIA president Malcolm Gunning said.

“The median rent for two-bedroom other dwellings increased in Canberra and Hobart, remained steady in Perth and decreased in Sydney, Melbourne, Brisbane, Adelaide and Darwin. Hobart had the largest increase while Brisbane had the largest decrease.”

The weighted average vacancy rate for the eight capital cities fell to 2.5% during the June quarter. Canberra has the tightest market, with a vacancy rate of 0.8%.

“Over the past 12 months, loan numbers have decreased by 3.8% across the country with declines in all states and territories except Tasmania. The largest decrease of 13.6% was in Western Australia,” Gunning said. “In Sydney and Melbourne – the two cities which have had the largest price increases over the past few years – the drop in loans is attributable to APRA restrictions on investment loans and more stringent home lending criteria.”

Australian Property Journal