The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING TONIGHT FINAL CHANCE TO GET RECOGNISED FOR YOUR WORK
NOMINATIONS CLOSING TONIGHT | URBAN LEADER AWARDS
NOMINATE NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
46
print
Print
OtherThu 13 Sep 18

Renters on Top as Housing Prices Fall: REIA

51773786-e069-49ec-a7f7-4eb160b6a0ff

June quarter figures reflect a changing dynamic in the property market as real estate prices drop in major capital cities, and its renters who are coming out on top, new research shows.

Property prices across Australia’s capital cities fell in the June quarter with the weighted average median prices dropping by 0.8 per cent for houses and 0.3 per cent for other dwellings, according to the Real Estate Institute of Australia.

The Real Estate Market Facts report shows the weighted average median price for houses decreased to $765,098, and $590,935 for all other dwellings.

Prices for houses dropped in all capital cities except for Brisbane, Adelaide and Hobart.

While prices for attached dwellings dropped in all capital cities except for Melbourne, Brisbane, Hobart and Darwin.

Related: Brisbane Leading the Nation in Property Performance Indicators, But Boom Talk Premature

Gunning said Brisbane's market was attractive for both renters and buyers.


The latest Corelogic data shows residential property values fell over the past 12 months in Sydney (-5.6 per cent), Melbourne (-1.7 per cent), Perth (-2.1 per cent) and Darwin (-4 per cent).

While Brisbane (+0.9 per cent), Adelaide (+1 per cent), Hobart (+10.7 per cent) and Canberra (+2.3 per cent) experienced property price rises.

Brisbane stands out from the pack as a top capital city performer.

BIS Oxford Economics described Brisbane as a "surprise performer" in its recent report, with expected house price growth of 2 to 3 per cent to 2019-20, before greater growth of six per cent forecast in 2020-21.

Related: Improved Housing Affordability Short Lived: Report

REIA


Rental affordability has also improved in Brisbane among other capital cities.

In good news for renters, REIA president Malcolm Gunning said the median rent for three-bedroom houses also dropped in capital cities Sydney, Melbourne, Adelaide and Hobart.

“The median rent for two-bedroom other dwellings increased in Canberra and Hobart, remained steady in Perth and decreased in Sydney, Melbourne, Brisbane, Adelaide and Darwin,” Gunning said.

ResidentialAustraliaReal EstateSector
ADVERTISEMENT
TOP STORIES
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
View All >
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
Office

‘White Knight’ Cbus Property Takes 50pc Stake in Halo Tower

Lindsay Saunders
The deal is widely seen as stabilising one of the Sydney’s most complex and high-profile commercial schemes...
LATEST
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
2 Min
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
4 Min
Office

‘White Knight’ Cbus Property Takes 50pc Stake in Halo Tower

Lindsay Saunders
3 Min
Morris Property Group London Circuit concept HERO
Planning

Site Consolidation Bid Latest Step for ACT Office Plan

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/renters-on-top-as-housing-prices-fall-reia