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.
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%).
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%).