Monday, December 20, 2010

Australia Median House Price declined in 2010 Q3

Old info, but just released on the 15th.

Median housing prices decline
“Both house and other dwelling median prices declined by 0.5% to $533,447 and $424,499 respectively”, said REIA President, Mr David Airey.

With the exception of Sydney, Melbourne and Hobart, all Australian capital cities recorded median house price decreases over the quarter. Sydney, Melbourne and Darwin recorded the highest median house prices while the lowest were recorded in Hobart, Adelaide and Brisbane.


jesse said...

That's the spring selling season, no? Are price drops normal that time of year?

GG said...

A good question. It's officially winter in June July August. And while the Real Estate Institute does not have a corresponding release for that quarter from last year, I did find this: (not medians, but probably indicative of general pressure on prices.)

September 2009
Australian Bureau of Statistics price index for ‘established’ houses in each Capital City, for the quarter to September 2009, showed a national average growth of 4.2% in three months. Individual Cities showed growth of:
4.3% Sydney
4.7% Melbourne
4.5% Perth
4.4% Brisbane
1.7% Adelaide
4.3% Canberra
3.4% Darwin
1.8% Hobart

from here:

As to "normal" I'd have to do a bit more research. Trouble is (speaking of comparisons to Vancouver) it's been going up so long in excess of the pace of inflation that "normal" is hard to suss out.