House Prices still Strong in Australia
September 4th, 2007 | Published in Real Estate
Property prices in Australia have grown by nearly 7 per cent during the first six months of 2007, led by strong gains in Brisbane, Adelaide and Melbourne. The RP Data-Rismark Index results in the couriermail show growth in property prices during the first half of 2007 is made up of a 6 per cent rise in the price of houses and an 8.5 per cent increase in the price of units.
These rates of growth are significantly higher than the historical averages registered for the
Australian market over the last 25 years, RP Data said.
“The median house price in Australia is now $459,402, while the median unit price is $365,322,” said RP Data CEO, Graham Mirabito.
Property prices rise across Australia
In the first half of 2007, house prices jumped in Adelaide (up 11.6 per cent), Brisbane (10.6 per cent), Melbourne (7.9 per cent), and Darwin (9.0 per cent).
Sydney houses have also experienced their strongest growth in years, with a 3.4 per cent increase during the six months to 30 June 2007.
The Perth housing market has slowed with growth of just 1.5 per cent.
Sydney and Perth remain Australia’s two most expensive markets, with median house prices of $559,770 and $505,115, respectively.
They are followed by the comparatively less expensive cities of Brisbane ($411,491), Melbourne ($402,817) and Adelaide ($359.504).
Unit values increase
The value of units has experienced even stronger growth than houses with a 8.5 per cent rise during the first half of 2007.
The growth in unit prices has been due to increases in the major capital cities, including Adelaide (21.9 per cent), Brisbane (15.7 per cent), Melbourne (10.2 per cent), Darwin (14.2 per cent), Perth (8.6 per cent) and Sydney (4.7 per cent).
Perth is far and away the most costly unit market, with a median unit value of $460,549, followed by Sydney ($407,181), Melbourne ($322,470), Brisbane ($301,264) Adelaide ($280,908) and Darwin ($278,538).
