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Oct 30 2009

Median House Prices in Australia

Median prices for Established Houses in the Capital Cities of Australia:

March Quarter figures from 2007

City Mar-07 Mar-08 Mar-09 Mar-10 Mar-11
Sydney $482,000 $499,000 $447,000 $580,000
Darwin: $389,500 $420,000 $455,000 $529,000
Melbourne: $345,000 $385,000 $375,000 $468,000
Brisbane: $350,000 $424,900 $400,000 $400,000
Adelaide: $305,000 $360,000 $353,000 $403,500
Perth: $465,000 $455,000 $430,000 $517,000
Hobart: $280,000 $308,000 $300,000 $352,300
Canberra: $430,000 $470,000 $461,000 $550,000

The above figures are sourced from ABS data in the 6416.0 House Price Indexes: Eight Capital Cities report.


Median HOUSE prices for selected suburbs in Australia.

 

Growth = the average annual growth for the last 10 years.

Median prices relate to Houses, not ALL residential propertys such as including units, apartments etc.

Australian Capital City Median HOUSE prices 2005 to 2009

Australian Median House Prices 2005 2006 2007 2008 2009

Australian Median House Prices 2005 2006 2007 2008 2009

Australian Capital City Median HOUSE prices 2005 to 2009

Changes per year in percentages, based on September quarter House Median prices.

Median House Prices changes 2005 to 2009 in percentages

Median House Prices changes 2005 to 2009 in percentages


Annual Median House Price growth from September 2008 to September 2009

  • 11.36% Melbourne
  • 11.21% Hobart
  • 10.48% Darwin
  • 7.11% Sydney
  • 6.25% Canberra
  • 2.57% Adelaide
  • 2.10% Perth
  • 1.67% Brisbane

Median House price growth for ESTABLISHED Homes between September 2008 and September 2009 source

  • 12.3% Darwin
  • 8.4% Melbourne
  • 7.8%  Canberra
  • 5.9%  Sydney
  • 5.6% Brisbane
  • 5.4% Hobart
  • 4.4% Perth
  • 3.7% Adelaide

September 2009
Australian Bureau of Statistics price index for ‘established’ houses in each Capital City, for the quarter to September 2009, showed a national average growth of 4.2% in three months.  Individual Cities showed growth of:

  • 4.3% Sydney
  • 4.7% Melbourne
  • 4.5% Perth
  • 4.4% Brisbane
  • 1.7% Adelaide
  • 4.3% Canberra
  • 3.4% Darwin
  • 1.8% Hobart

Australian Property Monitors September 2009 Quarter Housing Data
KEY POINTS

  • House prices rise +3.7% nationally in September quarter.
  • Strongest quarterly growth in house prices since 2003
  • National House prices up 7.1% in 2009
  • Melbourne house prices up 12.3% in 6 months
  • House and Unit prices rise in every capital city in September quarter.

More Details at:


June 2009

 

Australian Property Monitors June 2009 Quarter Housing Data
KEY POINTS

  • House prices rise +3.3% nationally in June quarter, now back at June 2008 levels
  • Strongest quarterly growth in house and unit prices since December 2007
  • Two largest housing markets lead the way with quarterly price rises of +3.7% in Sydney and
  • +5.8% in Melbourne
  • Brisbane and Perth the only markets with both house and unit median prices under June 2008
  • levels
  • Darwin remains strongest market nationally with annual rises for houses and units near +20%

More Details at:


December Quarter Median House prices from 2002

Year Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin Canberra
Dec-2002 $444,300 $280,000 $208,000 $195,000 $206,000 $128,000 $195,000 $291,000
Dec-2003 $520,000 $320,000 $296,200 $247,500 $250,000 $181,800 $226,000 $372,000
Dec-2004 $515,000 $321,000 $310,000 $270,000 $280,000 $236,500 $259,000 $372,300
Dec-2005 $500,000 $333,000 $320,000 $280,000 $340,000 $252,000 $320,000 $386,800
Dec-2006 $500,000 $360,000 $344,000 $300,000 $470,000 $278,000 $380,000 $420,500
Dec-2007 $542,500 $412,000 $415,000 $360,000 $480,000 $310,000 $418,500 $468,300
Dec-2008 $468,000 $385,000 $399,000 $355,000 $425,000 $300,000 $445,000 $452,500
Dec-2009 $595,000 $478,000 $455,000 $399,000 $505,000 $350,000 $520,000 $520,000
Dec-2010 $620,000 $518,000 $460,000 $410,000 $500,000 $348,000 $545,000 $550,000
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8 comments

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  1. Dank Castle

    A year ago there was total denial the real estate market was in any bother. Now the recognition is beginning to dawn on the smarter folks that something terribly serious is happening to the property market, but as normal their blind faith is that they will have the oft spoken about ‘soft landing’. Ha! No way hose! The bigger the boom, the bigger the bust. The property boom that began here in the late 90s started slowly and snowballed into the biggest property bubble the planet has ever experienced. This crash that’s now underway will be absolutely the same. My advice to real estate speculators is panic, NOW! As this year pans out you’ll finally recognize property in Australia is dead for generations. This crash is going to be a big one!

    Dank.

  2. ABCDiamond

    If everyone follows your advice and “Panics”, then you will be proven right.

    But, what if they don’t, what if people just carry on as normal, buying what they can afford, and not panicking ?

    Have house prices REALLY, as you say, “snowballed into the biggest property bubble the planet has ever experienced” ?

    Look at the Sydney prices above, an increase of just under 10% over a total of 4 years. That is an average of 2.36% per year, that is even less than the average wages have risen.

    However, people who rely on “boom and bust” for entertainment, tend to use more exaggerated figures, rather than averages, and will look at say Sydney City prices, and similar expensive areas, where no one disagrees that prices have sky-rocketed. But out in the suburbs, where most normally financed people live, there has actually been little price movement.

    Some areas do show massive increases, especially when these new estates are being built, which push up the median prices, as they now include 5 bed, 3 bathroom houses instead of the older 3 bed, 1 bath houses.

    Obviously this will change median prices, but it doesn’t mean that actual house prices have changed, it just means that more people are choosing to buy the more expensive properties.

    I’ve been listening to these boom and bust spruikers since 2005, and the message has always been the same. The property crash is upon us.

    Unfortunately, this has become the same as those few people who walk around with placards saying “The End of the World is upon us”

    One day it will happen, one day they will be right, but for 5 years now they have been wrong.

    Who knows what will really happen ?
    I sure don’t, but I have somewhere to live, that I can say I own, and if wages stay the same it doesn’t matter what the median price of any area really is.

  3. ToldYaSo

    The property prices jumped 37% in Melbourne in 2009. An apartment in CBD used to cost $400.000 in Jan 2009. The asking price for the same apartment is today $550.000.
    That is clearly a bubble.

    It will be fun to watch the market when the interest rates go back to 9.6% as they were in 2008. :)

  4. Zetaboards Australian Property Forum

    Australian house prices are facing a perfect storm – see article below…

    Australian House Price Crash

    “One year ago there was utter denial the housing market was in trouble at all. Now the realization is starting to dawn on some smarter thinkers that something incredibly serious is underway, but as usual their belief (faith?) is that they can manage the fabled short lived ‘soft landing’. Well good luck with that is all I’ll say. The larger the boom, the larger the crash. The real estate boom that started in the late nineties began long and slow and over its course turned into the greatest housing bubble the world has ever seen. This bust that’s unfolding will be exactly the same. Hold on to your hats real estate speculators. As the year unfolds you’ll come to realize real estate in this country is dead for a generation or more. This bust will be a doozy.”

  5. ABCDiamond

    Actually one year ago there were more people saying that the housing market would crash in 2010, than there were those who were in “utter denial” about it.

    I’ve actually never met anyone who was in utter denial about the housing market. Most are realistic, but some have been saying it will drop 40%-50% next year since 2004, and we are still waiting for those promised drops in 2005, 2006, 2007…

    There are plenty who have seen and acknowledge how the Sydney property market died after 2003 and never really recovered, but others who are in utter denial that it did actually die.

    It is very confusing.

    Figures from the Australian Bureau of Statistics show these annual percentage changes for each year, for the movement in Established House prices in Sydney:

      Year Sydney Australia
      1995 1.3% 11.5%
      1996 1.5% 1.2%
      1997 5.2% 4.3%
      1998 7.8% 6.7%
      1999 9.5% 7.8%
      2000 11.3% 7.5%
      2001 10.4% 14.0%
      2002 21.0% 17.3%
      2003 16.5% 17.6%
      2004 5.4% 8.2%
      2005 -4.7% 1.0%
      2006 1.4% 9.5%
      2007 5.2% 10.6%
      2008 -0.4% 2.8%
      2009 5.9% 6.2%
      2010 11.0% 11.5%
  6. ABCDiamond

    Note also on those prices above…

    1995: The average house was probably 3 bedroom, 1 bathroom and 1 garage.

    2010: How big is the average house now? 4 bed, 2 bathrooms, 2 garages ? and should we REALLY expect it to stay at the same price as a smaller house ?

    When we start building more smaller houses again, maybe then the prices will look better.

  7. ABCDiamond

    Latest figures from the ABS, show the Capital City Median House price changes for the year June 2009 to June 2010 as:

    Sydney
    Jun-2009 $490,000
    Jun-2010 $610,000 up 24%

    Melbourne
    Jun-2009 $401,200
    Jun-2010 $500,500 up 25%

    Brisbane
    Jun-2009 $420,000
    Jun-2010 $465,000 up 11%

    Adelaide
    Jun-2009 $363,000
    Jun-2010 $410,000 up 13%

    Perth
    Jun-2009 $455,000
    Jun-2010 $510,000 up 12%

    Hobart
    Jun-2009 $310,000
    Jun-2010 $349,800 up 13%

    Darwin
    Jun-2009 $465,000
    Jun-2010 $530,000 up 14%

    Canberra
    Jun-2009 $460,000
    Jun-2010 $545,600 up 19%

  8. David

    What have apartment prices been doing over the past 10 years?

    My impression is that apartments are, as it were, a depreciating asset.

    If you buy a new one (or “off the plan”), it seems you pay a premium. Buy the same apartment a year or two later and the price is less (not unlike a new car).

    It seems to me so many apartment buildings being built, each new one makes the existing ones (particularly those, say, 10 years old) look tired and unattractive.

    Is there any evidence of Capital appreciation in apartments?

    Thanks.

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