House prices fall in most capitals

MingDeng

Australian house prices fell in a majority of capital cities in the June quarter as high interest rates brought about the weakest housing market in four years, a report says.

And national house and unit prices could dive by 10 per cent next year as a prolonged real estate slowdown sets in, says online real estate data group Australian Property Monitors (APM).

APM reported that Perth had the biggest median house price fall, of 2.8 per cent, in the June quarter, followed by Sydney's 2.1 per cent decline.

Median house prices fell in five of Australia's eight capital cities in the three months to June 30.

Hobart suffered the biggest median price dive for home units, 3.8 per cent,and had the nation's cheapest capital city real estate with the median unit price at $207,568.

Unit prices fell in five capital cities during the quarter including Brisbane, which posted a three per cent slump.

"The June quarter housing data is the weakest we have observed since 2004," APM general manager Michael McNamara said.

"It is likely these results are the canary down the coal mine and that rapidly rising mortgage rates and a looming economic slowdown will usher in a sustained period of property market weakness."

For the year to June 30, four capital cities posted double-digit median house price growth.

Adelaide house prices grew by a nation-leading 16 per cent to $415,701 over the year to June although Sydney still had the most expensive median house price, at $542,488.

Over the same 12 months, Darwin home unit prices climbed by a nation-beating 17.9 per cent to $324,454.

Adelaide was the only other capital city to enjoy double-digit price growth for home units, rising an annual pace of 16.9 per cent.

Sydney keep the title as having the expensive median price for units, at $366,622, marginally ahead of Perth and Canberra.

Adelaide was the only capital city not to experience a quarterly fall in house or unit prices, with both measures rising by 0.4 per cent in the three months to June.

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