Housing Market Update May 2015

In April 2015 average house values across Australia increased by 0.5%. For the 12 months from April 2014 to April 2015, average property prices across Australia increased by 7.9% . Capital city house value increase for the past 12 months are as follows:

Sydney 15.5%

Melbourne 7.6%

Brisbane 2.3%

Hobart 1.6%

Adelaide 1.6%

Canberra 1.3%

Perth 0.6%

Darwin -1.7%

Nationally 488,400 dwellings were sold for the 12 months from February 2014 to February 2015. There were 352,587 houses and 135,813 units sold. House sales are 2.1% higher over the year compared to a -8.6% fall in unit sales.

Sydney currently has the highest median dwelling price with houses at an average of $850,000 and units at $630,000. Other major Australian Cities are as follows

Melbourne houses $605,000 units $470,000

Brisbane houses $480,000 units $388,000

Hobart $350,000 units $269,000

Adelaide $420,000 units $342,000

Perth $540,000 units $433,000

Darwin $600,000 units $470,000

Canberra $590,000 units $400,000

Gross Rental Yields across the country are at an average of 3.7% with Darwin being the highest on 5.7% followed by Hobart on 5.3% then Brisbane at 4.6%, Canberra 4.3%, Adelaide 4.2%, Perth 4.0%, Sydney 3.5% and Melbourne being the lowest on 3.3%.

The RBA have cut cash rates to a record low of 2%

The above information is from RP Data May 2015 Housing & Economic Report.

 

Click here to download a printable version of this months Housing Market Report