Sydney and Melbourne Property Bounce Back? | The Researcher

Early Signs of Sydney and Melbourne Recovery

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%).