Property prices in Australia
09 July 2015 by News Desk
While many cities in Australia have seen the value of property increase, some cities have seen property values fall over the past 12 months.
Property prices in Perth have fallen for the second time in four years. House prices in the city have fallen by 3% in the past 12 months and the value of units (apartments) also fell, by 4%, in 2014-15. Overall property values in the city have dropped by 0.9% following a 1.4% fall in 2011-12.
Perth is not alone in seeing a fall in house prices over the past 12 months.
The housing market in Darwin is slowing due to falling demand following a fall in migration. The value of houses in Darwin dropped by 4.8% while the value of units in the northern capital fell by 4.7%.
In Sydney house values increased by 17.8% in the past year.
In Melbourne house prices rose by 11.2%, according to the latest report by CoreLogic. Melbourne has 17 new suburbs with a million-dollar average house price. While many residential areas such as Toorak and Kew have a seven-figure average house price, new postcodes such as Lysterfield South, Box Hill and Bentleigh have also made it past the million-dollar price in the the last 12 months, according to the Valuer-General.
New South Wales and Victoria are enjoying good economic growth. This has fuelled high rates of migration which is driving housing demand. Brisbane, Adelaide, Canberra and Hobart are experiencing softer economic conditions and lower population growth but the city’s housing markets have seen growth over the past 12 months.
