Domain House Price Report
28 Oct 2016
The boom is back, with Sydney’s property prices on the rise. While the median house price has hit a new high at $1,068,303, price growth doesn’t mean the same thing for everyone.
With plenty of home hunters scouting out Sydney suburbs, if you’re a property owner who is dreaming of a lifestyle change, escape to the country or simply ready to cash out, now might be your time to sell.
If you’re a first time buyer, you could find your perfect home at a more affordable price by exploring the apartment market for hidden gems.
Median Price $685,865
Median Price $1,068,303
All eyes are on Australia’s cultural capital, after a strong year of growth with house prices reaching a record high of $773,669 and units up to $466,779.
The rising market is gaining the attention of new investors and seasoned pros alike, as one to watch over the coming months. As a more affordable alternative to Sydney, Melbourne is a more accessible market for both investors and first home buyers.
Melbourne’s thriving apartment market is a gold mine for new buyers, looking to break into the market at a reasonable price.
Median Price $466,779
Median Price $773,669
With prices down in Brisbane this quarter, it’s prime time for buyers who have been waiting for a more affordable market to search for their dream home. Median prices are at a reasonable $521,152 for houses and $367,518 for units.
If you’re a house hunter or investor, Brisbane’s market shows great opportunity for you. A fresh supply of newly built properties in the city means that you’re in the right market for a wide variety of choice and units that are easier on the hip pocket than neighbouring East Coast capitals.
Median Price $367,518
Median Price $521,152
After a strong year of growth, Adelaide median prices have eased slightly this quarter to $494,911 for houses and $301,939 for units.
The price fall this quarter shows great potential for first time buyers. If you’re hunting for a bargain, it’s a great time to enter the affordable Adelaide market.
In the long term, price growth in Adelaide is likely to pick up again. This means that the city is a reasonably priced prospect for budding investors around the country, who are planning for long term gains.
Median Price $301,939
Median Price $494,911
After a turbulent period of price changes, the falls in Perth are easing with median house prices down to $566,609 and units at $364,752.
The current market is the most affordable for buyers in years, meaning that it could be the right time for Perth locals to take the next step to purchase their first home.
It’s not just first time buyers that benefit from the current prices. If you’re looking for a change of scenery, try widening your search to include those ‘wish list’ suburbs you’ve never be able to purchase in before (a roomy apartment by the beach doesn’t sound too bad).
Median Price $364,752
Median Price $566,609
Darwin median prices are lower again this quarter, at $595,466 and $448,418. The easing of prices opens the market up to house hunters who were previously unable to break into the market.
Increased affordability in the capital means that you should take the opportunity to inspect both houses and units on the market. All properties will have different strong points so, don’t just settle on the first one you see.
There have recently been record levels of apartment building in the capital so, if you’ve set your heart on a modern property, an apartment might be the right option for you.
Median Price $448,418
Median Price $595,466
Canberra’s prices are up this quarter, reaching a new record of $661,912 for houses and $403,775 for units. The capital is full of opportunities for buyers, with growth similar to cities like Sydney or Melbourne but with the benefit of a more comfortable median price.
Canberra is also a strong performer for investors and is ‘one to watch’ if you’re looking for a high growth property.
You might think of buying investment properties as something that people only do if they have years of property experience but with a relatively low entry point, and prices likely to stay on the rise, Canberra is a solid investment for first timers looking to break into the market.
Median Price $403,775
Median Price $661,912
Hobart is the most affordable capital city in the country, with the median house price growing to $338,703 and the median apartment price easing to $251,073, this quarter.
The mixed market shows potential for both buyers and sellers, with easing apartment prices opening the doors to fresh home buyers, looking to snag their first property at an affordable price.
The rebounding house prices indicate that the house market is strengthening, with buyer and seller confidence improving. If you’re a house owner, it may be the right time to think about selling.
Median Price $251,073
Median Price $338,703