If you have a plan to buy or sell a property in Australia, it is better for you to know the development of property price. So, we will not buy or sell a property too expensive if we know about the development of price. Now, if you want to buy a property as you have had, the price will be different from when you bought it long time ago. So, how is the price of property in Australia now?
Currently, the price have fallen 3.5 percent over the last year, on a national basis to an average of $538,668, the recent figures from property analysts CoreLogic revealed. Tim Lawless, the CoreLogic’s head of research said that the weakest macro-housing conditions since February 2012. A 0.5 percent fall in dwelling values nationally in October. Furthermore, he also added that with such broad-based weakness in housing market conditions, it is clear that tighter credit availability is acting as a drag on housing demand and it also gives and impact adversely on the performance of housing values across most regions of the country.
You have to know that across the capital cities, the values of property fell 1.6 percent to an average of $625, 125 in the last quarter. Then, regional property also fell by a slower 0.7 percent to an average of $375,444 during the last three months. How about in Sydney and Melbourne? They were also categorized into the weakest housing markets. The values fall by 7.4 and 4.7 percent respectively in 2017. Sydney and Melbourne, which are the most expensive in the nation, had the concentration of investment buyers which is highest. Then, you may also want to know the median value of Sydney residence.
It was about $833,876 and this number includes houses and apartments. The average property value of Melbourne was about $665,044 and it makes this city become the second most expensive capital city. For your information, there was a difference between upper and lower quartiles of Sydney and Melbourne markets. What is it? The value drop by almost 9 percent and it happens to the most expensive 25 percent of properties in those cities.
But, different with those most expensive properties, the cheapest 25 percent of Melbourne properties rose a 2.9 percent in value. In Sydney, the value of the cheapest properties dropped by about 4.3 percent. Now, how about Perth? This city was also the weakest market which its values fell 0.8 percent to an average of $451,148 and it happened during October 2018. On October 2018, Sydney and Melbourne declined by a slower 0.7 percent.
The most affordable market in 2017 was Hobart which its values was $445,655. But, it is no longer the case. Then, the capital of Tasmania remains the strongest market. It rises 9.7 percent during that period. How about Darwin property? It has become the cheapest capital city to purchase a home. The price of median was $433,818 after the values fell about 2.9 percent in the last 12 months. You may also want to know the Brisbane value. It remained flat in October 2018 and quarter at $491,925.