Sydney was the strongest-performing major capital city housing market over the month of May, registering a nearly 2% rise in house prices to a median of $675,500, according to Residex. The Sydney market is in positive territory for the year ending May 2012, with growth of 1.2%.
The Sydney unit market registered a quarter percentage point fall in May, with prices up 1% for the year ending May 2012 to a median of $488,500. Sydney unit prices were up more than 5% for the year to May 2011.
Melbourne house prices were flat during May (to a median $558,500), while unit prices rose 1.5%.
Outside of the major capital cities, Darwin was the strongest housing market over May with a 3% gain to a median dwelling price of $504,500. The NT capital also registered the biggest jump in activity, with sales up 32% over the year to May period compared with the previous corresponding period.
Noticeably, Perth unit prices have made strong gains over the three months to May, up nearly 8% to a median of $412,000.
Overall Residex calculated a 1% rise in national house prices over May to a median of $429,500, with units unchanged at a median of $394,000.
Residex CEO John Edwards described the Australia-wide May results as pleasing, saying the trend shows that “markets have clearly moved to the positive and adjustments are now occurring at a lower rate”.
“The unit market does not appear as robust and supply issues are impacting on its recovery. Looking a little deeper, the result we are seeing is largely a consequence of the largest markets (Sydney and Melbourne) producing reasonable outcomes,” Edwards says.
Here’s a guide to how capital city houses and unit prices have fared:
This article first appeared on Property Observer.
