Australian house prices defy the economic downturn

Posted on July 23, 2009 by peter 
Filed under Australia Real Estate News · Tagged:

Median Australian house prices appear to have defied the downturn.

Predictions of a dire downturn of Australian house prices seem to have been shaken for the time being, as most residential markets ended the 12 months to the end of June in positive territory.

Although the outlook for residential property in 2010, in the post-first-home-owners-boost payment period, is uncertain, figures from Residex show few markets posted big falls in the past financial year.

Perth was the worst performing market of the period, with a 5.76 per cent fall in the median value, to $475,500. The dip followed a couple of exceptional years of growth and a 10-year average of healthy, 12.41 per cent annual gains.

At the opposite end of the spectrum is Darwin, which powered on regardless of the economic downturn, achieving 14.81 per cent median house price growth, to a median house price of $477,000.

Sydney’s median house price sits at $577,500, after the harbour city posted marginal 0.79 per cent growth during the year.

Melbourne outclassed its northern neighbour, with gains of 2.69 per cent during the same period. Its median house value is now $492,400.

Brisbane’s fell slightly, by 0.06 per cent, in the 12 months to June 30, to end at $452,500. Like Perth, Brisbane’s fall comes after a period of strength, including 15.2 per cent growth in the 12 months to June 30, 2008.

Canberra’s median house price is $474,000, after gaining 1.36 per cent in the year to June 30; Hobart’s $356,000 after gaining 2.82 per cent.