Sydney and Melbourne Property Bounce Back? | The Researcher

Early Signs of Sydney and Melbourne Recovery

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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

sydney and melbourne recovery. Melbourne landscape

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

Early morning sunlight on the eastern face of Sydney CBD.

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. 

House prices in other Australian capital cities

House prices in other Australian capital cities were comparatively flat during the September quarter. Small increases occurred in:

  • Hobart 1.3%, and
  • Darwin 1%.

We recorded slight decreases for the quarter in:

  • Brisbane (-1%), 
  • Perth (-1%), 
  • Canberra (-0.7%),
  • and Adelaide (-0.6%).

Over the past 12 months, median house prices have increased in:

  • Hobart (2.6%), 
  • Adelaide (0.7%),
  • and Canberra 0.6%. 

However, they have decreased over the past year in:

  • Darwin (-4.4%), 
  • Perth (-2.4%),
  • and Brisbane (-1.8%).
Source: Corelogic

Unit prices in other Australian capital cities

Small increases in median unit prices in the September quarter occurred in:

  • Perth (2.8%), and
  • Hobart (1.7%)

But the following markets recorded quarterly decreases:

  • Adelaide (-5.2%), 
  • Canberra (-4.4%), 
  • Brisbane (-3.4%),
  • and Darwin (-3.3%) markets.

Over the past year, median unit prices have increased in Hobart by 10.4%. However, they have decreased during the past 12 months in:

  • Darwin (-7.1%),
  • Brisbane (-5.6%),
  • Canberra (-3.4%), 
  • Adelaide (-2.3%), and
  • Perth (-1.9%).