It’s no secret that both the Sydney and Melbourne markets have recorded significant drops in property prices over the past two years. But the latest figures from Domain show that a clear Sydney and Melbourne recovery is upon us.
Melbourne recovery property prices
House prices in Melbourne increased by 4.1% during the September quarter. This is the second consecutive quarterly increase after a 1.4% rise in the June quarter.
These two quarterly increases have completely clawed back the 5.5% price decrease experienced in the Melbourne market in the December 2018 and March 2019 quarters. The median house price in Melbourne is now $855, 428.
Melbourne unit prices also rose by 3.7% during the September quarter. They are now $520,490, which is a 6.3% increase year-on-year.
Sydney recovery property prices
Meanwhile, Sydney house prices increased by 4.8% in the September quarter, leaving the market with a 1.6% decrease over the past year. The median house price in Sydney is now $1,079,491.
Median unit prices also rose by 2.6% in Sydney during the September quarter, meaning that prices have decreased by 5% over the last 12 months. The median price of a Sydney unit is now $694,840.