Skip to main content
Forms live login
Find a Member
Phone: (02) 9264 2343 | Connect with us:
Why join REINSW
My login details
Become a REINSW member
Webinars on demand
Member logo and flyer
Third party benefits
Real Estate Journal
Find a candidate
Annual General Meeting
Presidential Appointment Form
Annual Report 2017 - 2018
Authorities and disclosures
Why train with REINSW
Certificate of Registration
RPL - Recognition of Prior Learning
Buyers' Agent Licence
Trainer & assessor profiles
Unique Student Identifier
Novice Auctioneers Competition
Awards for Excellence
Women in Real Estate
Annual General Meeting
Price list and order form
REI Forms Live
Fair Trading factsheets
Notice of Revised Estimated Selling Price
Record of Property Reports
Strata Proxy Appointment Form
Strata model by-laws survey
Email Consent Form
Skip breadcrumb navigation
House price drop largest in seven years, says REIA
13 December 2018
House prices have seen the largest decrease since December 2011, according to the latest research from the Real Estate Institute of Australia.
REIA Real Estate Market Facts for the September quarter 2018 shows weighted average median prices fell by 1.6 per cent for houses, the most in almost seven years and by 0.8 per cent for other dwellings, their largest decline in 12 months.
REIA President Malcolm Gunning said the weighted average median price for houses for the eight capital cities decreased to $751,411 over the quarter, with prices decreasing in all capital cities except for Brisbane and Adelaide and remaining stable in Melbourne.
“The weighted average median price for other dwellings decreased to $587,959 over the quarter, with prices decreasing in all capital cities except for Melbourne and Canberra. Hobart had the largest fall in house prices and Darwin had the largest fall in other dwellings. Hobart has the lowest median price for houses at $475,000 and Adelaide the lowest median price for other dwellings at $344,000.
“Over the quarter, the median rent for three-bedroom houses increased in Melbourne and Hobart, remained steady in Sydney, Brisbane, Adelaide, Perth and Canberra. Darwin was the only capital where the median rent for three-bedroom houses declined.
Mr Gunning said the median rent for two-bedroom other dwellings increased in Melbourne, Brisbane and Adelaide, remained steady in Sydney, Perth and Canberra and, decreased in Hobart and Darwin. Melbourne had the largest increase while Hobart had the largest decrease.
“The weighted average vacancy rate for the eight capital cities increased to 2.6 per cent during the September quarter indicating a slight easing of the rental market.
“The markets of Sydney, Melbourne, Brisbane, Canberra and Hobart have vacancy rates below the 3.0 per cent benchmark indicating a strong demand for rental accommodation in these capital cities.
“Reflecting the squeeze on loan approvals, over the past 12 months, loan numbers have decreased by 11.9 per cent across the country with loans to first home buyers decreasing by 3.7 per cent.
Mr Gunning said the size of loans has also fallen with the average loan across Australia dropping by 1.8 per cent, the largest quarterly decrease since March 2017.
“Loans to first home owners are also reducing in size. Up until a year ago the average loan to those entering the market was above 90 per cent of the rate of non first home buyers. Since June 2017, this rate has decreased to 80 to 85 per cent," Mr Gunning concluded.
For further information or to arrange an interview with Malcolm Gunning, contact Helen Hull on 0419 642 961 or email
Download the media release
Review the report
Have questions about this or any other issue?
Contact the REINSW Helpline
Want to keep up-to-date with industry news?
Become a member
Helen Hull I PR & Media Manager
Real Estate Institute of Australia
30-32 Wentworth Avenue, Sydney NSW 2000
0419 642 961 |
Share this page
Share on Facebook
Share on Twitter
Share on LinkedIn
New government an opportunity for property reform
NSW wins at REIA national awards
Labor promises to remove property services from Fair Trading
Face of #MeToo movement to present at Women in Real Estate conference
REINSW is calling for changes to property services industry