, Fairfax Media’s real estate and property venture, has released new data titled House Price Report. It was released on Thursday and it shows that over the past year, houses in Melbourne have got costlier while housing prices have dropped in Sydney in the last quarter.
Melbourne
The report states that Melbourne’s median house price has recorded its largest annual growth since the 2009 boom. Even the rental market has gone up in Melbourne.
Over the past year, house prices jumped 14.5 per cent to a record median of $719,486.
Source: Wikimedia commons
House prices in the inner south in suburbs like Caulfield and Brighton have recorded the strongest growth at 23.5 per cent.
House prices in the inner east and south-east increased 19.4 per cent and 12.8 per cent respectively.
Even the west, with the slowest annual rate of house price growth, registered 8.6 per cent growth.
Unit prices grew at 1.3 per cent over the December quarter to a median of $446,046.
SYDNEY
Sydney has seen the largest quarterly drop on record.
Sydney’s median house price dropped 3.1 per cent over the December quarter 2015.
Source: Wikimedia commons
Apartment prices fell 2.8 per cent over the December quarter.
Across Sydney, all areas saw house price declines apart from the west, which increased 1.8 per cent, and the south-west, which remained flat.
The biggest losses were recorded in Canterbury-Bankstown (-5.3%) and the south (-4.3%).
The inner west (-4.6%) was the worst performer.
