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May 18 2011

Property Values


Australian Property Values

Australian Capital City Residential Property Values July 2009

Median property values for each City in July 2009 are shown as:

  • $537,396 Sydney
  • $481,493 Perth
  • $477,627 Canberra
  • $466,903 Darwin
  • $454,524 Melbourne
  • $437,175 Brisbane
  • $402,681 Adelaide

Change from January 2009 to July 2009

  • + 6.6% Sydney
  • + 2.5% Perth
  • + 5.5% Canberra
  • + 10.8% Darwin
  • + 8.5% Melbourne
  • + 3.8% Brisbane
  • + 1.9% Adelaide

Source: www.abcdiamond.com/australia/australian-capital-city-residential-property-values-july-2009

The Median HOUSE prices from the above report show:

  • $594,704 Sydney
  • $514,417 Darwin
  • $506,898 Canberra
  • $487,822 Perth
  • $482,299 Melbourne
  • $459,571 Brisbane
  • $418,555 Adelaide

Note: Median Property values include Houses and Units/apartments. Confusion may occur with reports that do not specify exactly what is being calculated.

Median House Prices June 2009
  • $530,000 Sydney
  • $470,000 Darwin
  • $425,000 Melbourne
  • $425,000 Perth
  • $391,000 Brisbane
  • $360,000 Adelaide
  • $335,000 Hobart

according to BIS Shrapnel.

Note: These values will include both New Homes and established homes, which will show different results to the Established Homes figures shown elsewhere.

On this page you will find various statistics on property prices around Australia. But it is important to realise that these figures will vary tremendously even in local areas.

For example, whilst Sydney is quoted as $579,000 in Sept 2007, the outer suburbs of Sydney are much lower in price. Have a look at www.realestate.com.au for some example prices in a reasonable suburb in outer Western Sydney, called St Clair. The lowest price shown on 18th March 2008 was $229,500 for a 3 Bedroom house, 4 bedroom houses started at between $289,950 and $314,950. St Clair is a well established suburb, 49km (30 miles) West of Sydney CBD, with modern facilities and close access to the M4 Motorway.

Some Brisbane Property examples at Jan 2009

Some current (Jan 2009) Median property prices are:

Area
Bayside South
Bayside North
Brisbane West
Ipswich
Brisbane East
House
$410,000
$370,000
$381,000
$330,000
$495,000
Unit
$325,000
$327,000
$341,000
n/a
$396,000
Queensland Median Property Values

Some median property values for September 2008 can be found at this Courier Mail webpage:

Housing Affordability Index 2008

A recently published report shows the housing affordability of the main Capital Cities, 3rd Quarter 2008, as follows: (World Position based on the the six surveyed nations, USA, Canada, UK, Ireland, Australia & New Zealand. The top 167 Cities/Towns are all in USA & Canada)

Area World Position House Price Household Income Income Multiple
Sydney, NSW 261 $529,000 $64,000 8.3
Adelaide, SA 253 $363,000 $50,900 7.1
London, England 248 £249,900 £36,300 6.9

More details can be seen at: http://www.demographia.com/dhi.pdf

Established House Prices

Property Price Movements Jan to March 2009

According to the Australian Bureau of Statistics – Quarterly Established house price index for the quarter ended March 2009

The median value of Established houses has changed as follows:

  • -2.2% Median Value of all National

Capital Cities

  • -3.6% Perth
  • -2.9% Sydney
  • -2.3% Melbourne
  • -1.1% Brisbane
  • -0.8% Adelaide
  • +0.1% Hobart
  • +0.5% Canberra
  • +2.2% Darwin

Over the year to December quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 3.3%.

Annually, house prices rose in:

  • Darwin +3.8%
  • Adelaide +2.0%

and fell in

  • Brisbane -1.4%
  • Hobart -3.1%
  • Melbourne -3.2%
  • Canberra -4.1%
  • Sydney -4.1%
  • Perth -6.7%
Changes in the Median Price of Established House Transfers

The following figures are from Australian Bureau of Statistics figures and show the average annual increase between June 2002 and July 2008

  • Darwin 13.35% from $188,300 to $422,300
  • Hobart 12.96% from $117,000 to $302,000
  • Perth 12.36% from $190,000 to $445,000
  • Brisbane 10.41% from $182,500 to $425,000
  • Adelaide 9.07% from $175,000 to $365,000
  • Canberra 6.64% from $258,000 to $478,800
  • Melbourne 5.71% from $260,000 to $399,100
  • Sydney 4.57% from $394,000 to $515,000

Source: ABS 6416.0 – House Price Indexes: Eight Capital Cities, Dec 2008

Annual Changes (Sept Quarter 2007 To Sept Quarter 2008)

Over the year to September quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 2.8%.

Annually, house prices rose in:

  • Adelaide +9.7%
  • Melbourne +8.1%
  • Darwin +6.4%
  • Brisbane +5.6%
  • Hobart +2.4%

showed no change in Canberra 0.0%,

and fell in

  • Perth -4.1%
  • Sydney -0.4%

Source: ABS

Annual Changes (March Quarter 2007 To March Quarter 2008)

Over the year to March quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 13.8%.
Annually, the capital city indexes all rose – Melbourne (+25.9%), Adelaide (+21.6%), Brisbane (+20.8%), Canberra (+14.4%), Hobart (+8.2%), Sydney (+7.1%), Darwin (+4.9%) and Perth (+0.6%).

The movement in the preliminary established house price index between December quarters 2006 and 2007 has been revised from an estimated increase of 12.3% to an increase of 13.8%.

Median Property Values in each Capital City as at September 2007

This information is sourced from http://www.propertyupdate.com.au who quote their source as www.residex.com.au

2007 Sep Qtr

1997-2007 Houses Growth PA Units Growth PA
Sydney $579,000 8.25% $392,000 6.96%
Perth $505,000 14.38% $396,500 12.92%
Melbourne $453,500 10.65% $344,000 10.52%
Canberra $441,000 11.57% $337,000 11.05%
Brisbane $423,000 11.77% $315,000 9.37%
Darwin $391,500 9.60% $293,000 8.26%
Adelaide $343,000 10.93% $258,000 10.98%
Hobart $340,500 12.34% $247,000 11.72%

The original source shows that ‘houses’ in the fastest growing City in the last year, grew by 17.87% and the slowest City grew by only 2.39%.

Median Property Values in each Capital City as at December 2007

2007 Dec Qtr

1997-2007 Houses Growth PA Units Growth PA
Sydney $584,500 8.16% $400,000 6.95%
Perth $502,000 14.09% $382,500 12.46%
Melbourne $480,000 11.13% $355,500 10.80%
Canberra $452,500 11.65% $351,000 11.42%
Brisbane $432,500 11.90% $323,500 9.61%
Darwin $398,500 9.63% $299,000 8.41%
Adelaide $353,000 10.97% $268,000 11.32%
Hobart $344,500 12.29% $237,500 11.14%

In 1984 the average property price in Brisbane was $59,000. In Dec 2007, 23 years later, it is now $432,500. This works out at an average annual rise of 9.05%, and a doubling every 8 years.

If all properties grew by that average of 9.05% each year, from 1997, then expected prices in 2014 would be:

2014 – Houses

  • Sydney $ 846,903
  • Perth $ 773,186
  • Melbourne $ 680,106
  • Canberra $ 786,975
  • Brisbane $ 591,850
  • Darwin $ 604,995
  • Adelaide $ 412,036
  • Hobart $ 685,739
Sydney Postcode area Median property Values and 12 month Capital Growth June 2008

Top 10 Sydney Postcodes at June 2008

Postcode : Capital Growth : Median price

  • 2022 : 24.93% : $1,140,000
  • 2137 : 21.51% : $966,000
  • 2125 : 18.52% : $784,000
  • 2223 : 18.42% : $675,000
  • 2280 : 17.12% : $390,000
  • 2067 : 17.02% : $1,100,000
  • 2041 : 16.67% : $1,050,000
  • 2206 : 15.63% : $647,500
  • 2281 : 15.61% : $400,000
  • 2112 : 14.76% : $723,000

Bottom 10 Sydney Postcodes at June 2008
Postcode : Capital Growth : Median price

  • 2135 : -19.67% : $960,000
  • 2571 : -13.65% : $367,000
  • 2749 : -13.24% : $285,000
  • 2785 : -12.79% : $286,500
  • 2518 : -12.05% : $356,200
  • 2780 : -10.34% : $312,000
  • 2264 : -10.00% : $315,000
  • 2132 : -9.93% : $685,000
  • 2073 : -9.72% : $975,000
  • 2230 : -9.63% : $740,000

Capital Growth is for the previous 12 months

Extracted from raw data sourced at: www.housing.nsw.gov.au

House Prices in Melbourne, Victoria: (March 2008)

A Newspaper report for the March 2008 quarter showed the median price for a detached Melbourne home was now $432,500, down 8.4 per cent from the December 2007 median of $472,250. However, this DOES NOT mean that all property in Melbourne has dropped in value.

The report showed the median price for a detached Melbourne home in the March 2008 quarter was $432,500, down 8.4 per cent from the December 2007 median of $472,250

According to the report, the actual results in the individual suburbs varied between:

  • Blairgowrie [Mornington Peninsula] UP 18.4 per cent ($475,000)
  • Berwick [South East] UP 13.6 per cent ($344,000)
  • Essendon [West] DOWN 9 per cent ($695,000)
  • Wyndham Vale [West] DOWN 11.7 per cent ($230,000) *This one puzzles me, as in Sept 07 the value was shown as $217,000.

Brighton is Melbourne’s most expensive suburb, with a median price of $1.68 million.
Melton at $211,000 is the most affordable suburb.

Looking at other reports, I see the following figures for the SIX MONTHS September 2007 to March 2008:

Inner Urban area of Melbourne

Houses went from $721,000 in Sept 2007 to $760,000 in Mar 2008 = UP 5.4%

Units went from $395,000 to $420,000

Mornington Peninsula area.

Houses went from $345,000 in Sept 2007 to $370,000 in Mar 2008 = UP 7.2%

Units went from $288,000 to $298,000

South East

Houses went from $281,000 in Sept 2007 to $303,000 in Mar 2008 = UP 7.8%

Units went from $228,000 to $242,000

West

Houses went from $300,000 in Sept 2007 to $332,000 in Mar 2008 = UP 10.6%

Units went from $260,000 to $270,000

Confused about Melbourne House Prices? It seems that prices are UP between Sept 2007 and March 2008, but prices are down(according to the newspaper) between Dec 2007 and Mar 2008. Maybe December was artificially high ?

US Property Value Comparsion

Looking at the US property market to try to see any similarities, it appears that there is a marked difference in property values between New York and Detroit.

Source: www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_033114.xls

Some UK property values

Western Australian Property Price Movements






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