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Property Values
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.
Established House Prices
Data from
http://www.abs.gov.au....
Quarterly Changes
Preliminary estimates show the price index for established houses for the
weighted average of the eight capital cities increased 1.1% in the March quarter
2008.
The capital city indexes rose in Melbourne (+4.1%), Brisbane (+2.8%), Adelaide
(+2.1%), Canberra (+1.0%), and fell in Sydney (-1.5%), Darwin (-1.3%), Hobart
(-0.7%) and Perth (-0.6%).
The movement in the preliminary established house price index between September
and December quarters 2007 has been revised from an estimated increase of 3.2%
to an increase of 4.1%.
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%.
The following information is sourced from
http://www.propertyupdate.com.au who quote their source as
www.residex.com.au
Median Property Values in each Capital City as at September 2007
|
2007 Sep Qtr |
Houses |
Growth PA 1997-2007 |
|
Units |
Growth PA 1997-2007 |
| 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 |
Houses |
Growth PA 1997-2007 |
|
Units |
Growth PA 1997-2007 |
| 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
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 ?
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