Have a glance at the changes in our property prices in the past 12 months from August 2018 to August 2019 (retrieved from here):
|
Capital City |
12-month change in value |
Median value |
|
Sydney |
– 6.9 percent |
$790,072 |
|
Melbourne |
– 6.2 percent |
$626,703 |
|
Brisbane |
– 2.1 percent |
$485,493 |
|
Adelaide |
– 1.1 percent |
$428,203 |
|
Perth |
– 8.8 percent |
$437,558 |
|
Hobart |
+ 3.1 percent |
$465,535 |
|
Darwin |
– 9.7 percent |
$388,232 |
|
Canberra |
+ 1.2 percent |
$592,870 |
|
National |
– 5.2 percent |
$521,157 |
The property market is still at it’s early stages of recovery, especially so for our capital cities. It will be a while before we can see any improvement in our property prices. Despite the slight rise in property prices, prices are still low compared to last year. For buyers, although mortgage rates have reached an all time low since the 1950s, the hardest challenge for purchasing remains gaining an approval for a loan.