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Sydney escapes falling house prices
Released 29 July 2011

Sydney has escaped a downturn in median house prices, with most markets feeling the negative impact of diverse local conditions on prices, according to Australian Property Monitors’ Quarterly Housing Report.    

Nationally the median house price has fallen -0.6 per cent to $546,121, with national unit prices down -0.8 per cent to $404,753.

The two largest markets in the country, Sydney and Melbourne, fared better than most other capital cities in the quarter. 

Sydney was the only capital city to experience growth in house prices for the quarter, rising +0.1 per cent to $644,658, and is now nearly $100,000 more than the national median house price. 

Melbourne recorded no change in house prices for the second quarter in a row, and unit prices fell marginally in the quarter by -0.7 per cent.

Brisbane house and unit prices fell for the second consecutive quarter, resulting in a yearly fall for -4.9 per cent for houses and -3.9 per cent for units, however the city continues to recover from the general disruption to its housing market as a consequence of the January floods.

Australian Property Monitors senior economist Andrew Wilson said in the June quarter diverse local conditions had a more significant impact on median prices in each city, with these individual factors expected to have continued variable effects on growth in each market.

“This is in contrast to the effect of national market conditions that have impacted prices across the board until recently.

“The prospect remains however of increased buyer activity emerging through the spring selling season, as early signs are emerging of increased first home buyer and investor activity in most markets, albeit from a low base, that will help to encourage market activity and confidence.”