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House prices fall in Australia

24 September 2015 by News Desk

property_house03The price of homes in Perth and Darwin in Australia has dropped by almost 2% in the past 12 months.

Although house and unit prices have risen in Sydney and Melbourne in the past year, house price inflation is slowing down in other cities and in Perth and Darwin prices have shown a marked fall.

In the past three months Capital city residential property prices rose 8.9% in Sydney and in Melbourne by 4.2%. In Brisbane, prices have risen by 0.9%, Adelaide (0.5%) and Canberra (0.8%). Prices were flat in Hobart, while house prices in Perth (-0.9%) and Darwin (-0.8%),” it noted.

Over the past year to June 2015, meanwhile, residential property prices rose in Sydney by 18.9%, Melbourne (+7.8%), Brisbane (+2.9%), Canberra (+2.8%), Adelaide (+2.7%) and Hobart (+1.5%), while prices in Darwin have fallen by 1.8% and in Perth by 1.2%.

The total value of residential dwellings in Australia was $5,761,607.2 million at the end of June 2015 having risen by $271,939.1 million over the past three months. The average price of residential dwellings has increased by $26,200 to $604,700, while the total number of residential dwellings has increased by 38,400 to 9,528,300.

Latest figures from the Australian Bureau of Statistics show that annual house price growth was 10.5%, with prices of detached houses increasing by 7.5%.

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