Steady as she goes - city median house prices stable
in june quarter
Most of the major capital cities experienced stability in median house prices in the June 2005 quarter, while the smaller capitals have registered small gains, the latest Commonwealth Bank Property Value Guide shows.
The aggregated national capital city median house and unit prices have remained stable over the last three consecutive quarters, which Geoff Austin, Executive General Manager Retail Products, Commonwealth Bank, says is unsurprising in existing market conditions.
"However, while Sydney, Brisbane, Canberra and Adelaide median house prices were steady in the June quarter, investors and home owners in Darwin experienced an increase with median house prices rising 6.8 per cent and Melbourne, Perth and Hobart also showed small increases. It is pleasing to see further stabilisation of Sydney median house prices following a period of decline throughout 2004', Mr Austin said.
"While no state experienced a drop in aggregated median house prices, potential unit buyers may benefit from a fall in median unit prices of 1.2 per cent in New South Wales in the June quarter'.
In comparison, unit prices rose 8.9 per cent in the Northern Territory, 5.7 per cent in Victoria, 4.5 per cent in Western Australia and 2.4 per cent in Queensland, while South Australia and ACT median unit prices remained unchanged in the quarter.
Mr Austin said, "Amongst speculation and uncertainty about the future direction of property values, the latest Commonwealth Bank Property Value Guide reveals a stable market overall, but some of the smaller states, in particular Northern Territory and Tasmania are still showing signs of growth and Victoria is recovering momentum".
Details about median property price movements at a national, state, regional or postcode level can be found online in the Commonwealth Bank Property Value Guide at www.commbank.com.au/propertyvalueguide/