Sydney house price median to drop below $1 million: Domain

Sydney house price median to drop below $1 million: Domain
Sydney house price median to drop below $1 million: Domain

Sydney house prices have fallen by over 14 per cent since the mid-2017 peak, according to the Domain Q1 House Price Report.

If the pace of quarterly decline continues, the median is likely to dip below $1 million in Q2.

A six figure median house price hasn't been seen in four years.

The median house price currently stands at $1,027,962, as house prices fell 3.1 percent over the quarter, bringing its yearly decline to 11.5 percent.

Domain senior research analyst Dr Nicole Powell said Sydney's current property downturn is the sharpest in more than two decades.

"It is yet to surpass the duration of the 2004 to 2006 slump but it is coming close to being the longest," Powell said.

Powell advised house prices are now back to early 2016 levels and units back to mid 2015 prices.

Powell noted however that many homeowners have seen substantial equity gains with house prices still 30.2% higher than five years ago.

Sydney house price median to drop below <img src=

Median house prices for major capital cities across the March 2019, December 2018 and March 2018 quarters

Source: Domain 

“Sydney remains a buyers’ market, although the year has started in a better place than last year ended," Powell said.

"Despite lower auction volumes, clearance rates have risen from near historic lows.

"Domain also recorded a lift in number of views per listing over the first three months of the year - signalling renewed buyer interest.

"The volume of current listings remains elevated but new listings are shrinking.

"The fall in new listings is not suggestive of buyers ‘fear of not getting out.’ It paints a picture of Sydney homeowners holding tight, only selling if they have to.”

The Domain Q1 House Price Report found good news in Melbourne, where the house price declines eased over the quarter.

Hobart and Adelaide were the only capitals to buck the national downward trends, both recording price growth.  

Melbourne

  • House prices fell 2.4 per cent over the quarter and 10.4 per cent over the year to $809,468

  • Unit prices fell 2.9 per cent over the quarter and 8.3 per cent over the year to $466,892

Brisbane

  • House prices fell 1.1 per cent over the quarter and 0.3 per cent over the year to $563,666

  • Unit prices fell 3.7 per cent over the quarter and 5.2 per cent over the year to $372,852 

Adelaide

  • House prices remained flat over the quarter and grew 2.0 per cent over the year to $542,474

  • Unit prices fell 2.1 per cent over the quarter and 1.3 per cent over the year to $312,459

 Canberra

  • House prices fell 0.9 per cent over the quarter and 2 per cent over the year at $722,440

  • Unit prices fell 3.2 per cent over the quarter and 1.7 per cent over the year to $426,719

Perth

  • House prices declined 2.5 per cent over the quarter and 5.2 per cent over the year to $529,997

  • Unit prices fell 1.1 per cent over the quarter and 5.6 per cent over the year to $347,596

 Hobart

  • House prices grew 3.1 per cent over the quarter and 7 per cent over the year to $478,247
  • Unit prices grew 2.6 per cent over the quarter and 8.4 per cent over the year to $363,418

Darwin

  • House prices fell 0.1 per cent over the quarter and grew 1.5 per cent over the year to $514,546

  • Unit prices fell 2.6 per cent over the quarter and 1.7 per cent over the year to $313,462 

 
 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Domain Price Decline

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