The Hobart and Adelaide property markets held up amid property prices declining across the nation. House values across the country dropped by 2.3% and others dwelling slid by 2.4%, according to the latest research from Real Estate Institute of Australia (REIA).
REIA Real Estate Market Facts for the December quarter revealed that weighted average median prices for houses fell the most since December 2011.
The weighted average median price for houses for the eight capital cities decreased to $733,438 over the quarter, with prices falling in all capital cities except for Hobart, Adelaide and Perth, which remained stable.
The weighted average median price for other dwellings, meanwhile, declined to $570,905 over the quarter, with prices tracking downwards in all capital cities except for Adelaide and Perth.
The research also found that Melbourne had the largest fall in house prices, while Perth posted the largest drop in price for other dwellings. Adelaide has the lowest median price for houses at $475,000 and Darwin the lowest median price for other dwellings at $350,000.
“Interestingly, in NSW median prices for both houses and other dwellings prices have declined in both regional and urban areas. In Victoria, however, they have declined only in Melbourne, with the regional areas of Geelong, Bendigo and Ballarat still recording strong price growth,” said REIA President Adrian Kelly.
The rental market, on the other hand, recorded the rise of median rent for three-bedroom houses in all capital cities except for Sydney, Melbourne and Hobart, where they remained steady.
The median rent for two-bedroom other dwellings increased in Canberra and Hobart but decreased in Sydney, Melbourne and Darwin. In Brisbane, Adelaide and Perth, the rent remained unchanged.
Hobart registered the largest increase, while Sydney had the largest decrease.
“The weighted average vacancy rate for the eight capital cities remained steady at 2.6% during the December quarter, a decrease of 0.1 percentage points for the year. The markets of all capital cities except Darwin have vacancy rates at or below the 3% benchmark indicating strong demand for rental accommodation,” said Kelly.
The report showed that Darwin had the highest vacancy rate at 8.2%, which is 1.9 percentage points higher than at the same time as last year, suggesting low demand.
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