Local median house prices dropped by 5 per cent over the June quarter, with Canberra the only capital city to record a fall in median house prices, new statistics have revealed.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
It's the largest recorded drop for the capital in almost eight years, since the median house price fell 5.9 per cent to $340,000 in the September quarter of 2004.
At $494,125, the Canberra market recorded a lower median house price than the national weighted average of $519,768, June quarter figures issued by Bendigo Bank and the Real Estate Institute of Australia yesterday showed. Real Estate Institute of the ACT president Craig Bright said the drop looked dramatic but wasn't a true reflection of the market. He said the fall may have been skewed by an increase in sales by first-home buyers.
''The sales bracket from $400,000 to $550,000 seems to be relatively strong. Above that, it has softened,'' he said.
Mr Bright said the market was yet to see the full flow-on effects of the last interest rate cut.
Peter Blackshaw agent Andrew Chamberlain said there should soon be a boost in upper-end sales.
''Recently we've probably seen an increase in the number of enquiries,'' he said. ''That will often reflect eventually in the numbers with price growth. Spring is looking very positive.''
According to the Bendigo Bank and the Real Estate Institute of Australia, the median house price in Canberra is now cheaper than Sydney, Melbourne and Darwin, which all recorded price increases over the June quarter. Brisbane, Adelaide and Hobart also increased, while Perth remained unchanged.
The median price of a Canberra apartment increased by 2.4 per cent over the quarter to $420,000, below the national weighted average of $429,558.
Apartments - or other dwellings - in the inner central area recorded the greatest increase in median prices, jumping 12.8 per cent to $506,500.
Meanwhile the median price of an apartment in the outer south fell by 1.7 per cent to $382,500.
Despite recording the highest median price at $650,000, houses in the inner central area experienced the largest drop in price at 9.7 per cent over the quarter.
Houses in the west and northern areas recorded a 6.3 per cent drop in price over the quarter, to $450,000, while the inner south dropped by 4.3 per cent to $574,000. Sale prices for outer south houses also fell by 1.5 per cent, to $480,000.
Renters experienced some reprieve with the median rent for a three-bedroom house falling by 2.1 per cent to $460. However the median weekly rent for a two-bedroom apartment increased 1.1 per cent to $450 over the quarter, making it more expensive to live in than a three-bedroom house in Melbourne.
