By David Fuller Property prices in Australia’s largest city have fallen for the first time in more than a year, new figures show.
The latest CoreLogic monthly Home Value Index shows that property prices in Sydney fell by 0.1 percent in September from the previous month, although average prices in the city were still 10.5 percent higher than they were a year ago. The median value of a home in Sydney, according to the index, is currently AUS$909,613.
Overall, prices in Australia’s eight state and territory capital cities rose by 0.3 percent in September, while those in regional areas rose by a smaller 0.1 percent. Over the year, capital city prices rose by 8.5 percent, well above the 5.6 percent level seen in regional areas
Tasmania’s capital Hobart recorded the largest monthly price increase (1.7 percent), while over the past year, the city also has the hottest housing market, with prices increasing by 14.3 percent in the last 12 months. However, with a median price of AUS$391,618, property prices in Hobart are far lower than those in any other Australian state capital.
Average Australian state capital house prices (September 2017)
Sydney – AUS$909,613
Melbourne – AUS$703,816
Canberra – AUS$580,043
Brisbane – AUS$490,208
Perth – AUS$462,783
Darwin – AUS$445,516
Adelaide – AUS$429,583
Hobart – AUS$391,618
Combined capital average – AUS$648,845
National average – AUS$540647