With the warmer weather closing in and the industry gearing up for another busy period of sales. We thought we would have a quick look at seeing how the market is shaping up.
Many economists are pointing to Sydney and Melbourne as the giants that are propping up the rest of the Australian real estate market at the moment and there is evidence to suggest that. In the June Quarter 2015 prices are still growing in the 2 major cities, and not by a small amount. Sydney’s median house price sprang past the million dollar mark to $1,004,767 after a 8.5% rise, whilst Melbourne rose by 5.2% to $706,000. These figures are in stark contrast to the national weighted average median house price of $682,840.
Sydney is also experiencing the nation’s lowest vacancy rate of 2.1% vs Melbourne’s rate of 2.9%.
Median house prices:
- Sydney up 8.5% to $1,004,767
- Melbourne up 5.2% to $706,000
- Brisbane up 0.8% to $479,000
- Adelaide up 0.4% to $430,000
- Hobart down 1.6% to $376,500
- Darwin down 2.4% to $610,000
- Perth down 3.6% to $530,000
- Canberra down 6.6% to $540,000
Vacancy rates:
- Darwin – 6.9%
- Perth – 4.7%
- Canberra – 3.5%
- Melbourne – 2.9%
- Hobart – 2.9%
- Brisbane – 2.7%
- Sydney – 2.1%
- Adelaide – N/A
