Sydney unit prices up 2% in 2011, but Melbourne unit prices dive 5%: Residex
The Sydney unit market remained resilient in 2011, with prices rising 2.16% over the year to a median of $488,000. The New South Wales capital outperformed the national market, which fell 0.3% to a median $398,000, according to the latest Residex data.
However, the pace of Sydney unit price growth slowed in the last six months of the year – at the end of June 2011, Sydney unit prices were growing at annualised rate of 4.4%.
As with its housing market, the decline in Melbourne’s unit prices accelerated significantly in the last half of 2011.
According to Residex, Melbourne unit prices declined more than 5% over 2011 to a median price of $434,500 – six months ago, the Victorian capital’s unit prices were still growing, albeit at a very modest 0.26%.
There was some respite in country Victoria, which recorded a small increase in unit prices, with values rising 0.67% for the 2011 calendar year to a median of $258,000.
Canberra was the only capital city unit market where values picked up in the second half of 2011, rising 2.4% on annualised basis to a median of $432,000 after recording growth of 1.97% at the end of June 2011.
The federal capital also bucked a trend of declining sales activity and recorded a 23% increase in unit sales over the year, compared with a drop 6.2% nationally.
Melbourne was the only other market to record an increase, with sales activity rising by just over 1% over the year.
| Annual change in unit prices as of December 2011 | Annual change in unit prices as of June 2011 |
-5.05% | -3.54% | |
-4.28% | 0.26% | |
-4.18% | -3.19% | |
-3.53% | -0.33% | |
2.39% | 1.97% | |
2.16% | 4.43% | |
Australia | -0.3% | 0.44% |
Source: Residex
Outside of the major capital cities, Darwin unit prices fell by almost 8% over the course of 2011 to a median of $391, 500. Six months ago Darwin unit prices were down 5.61%.
Outside of urban areas, country unit prices tumbled most notably in country Queensland, where prices fell over 10% to a median of $300,000 and in country Tasmania, where prices fell 9% to $206,000.
Area | Median unit value | 10years % p.a. | Year ending Dec 2011 | Last quarter | Last month |
ACT | $432,000 | 9.22% | 2.39% | 0.29% | 1.99% |
$307,500 | 9.12% | -3.53% | -0.92% | -0.81% | |
SA Country | $230,500 | 7.20% | -1.96% | 0.89% | -0.50% |
$353,000 | 8.83% | -4.18% | -0.78% | -0.01% | |
QLD Country | $300,000 | 7.32% | -10.11% | -4.63% | -2.47% |
$391,500 | 10.72% | -7.73% | 0.42% | 1.31% | |
Northern Territory | $377,500 | 10.62% | -8.05% | -1.10% | 0.08% |
$274,500 | 10.08% | -5.14% | 2.33% | 1.47% | |
TAS Country | $206,000 | 9.91% | -9.01% | -0.98% | 1.47% |
$434,500 | 6.99% | -4.28% | -1.79% | 0.34% | |
VIC Country | $258,000 | 7.99% | 0.67% | -0.74% | 0.29% |
$378,500 | 9.01% | -5.05% | -0.96% | 1.84% | |
WA Country | $301,500 | 7.02% | -0.72% | -0.43% | 1.76% |
$488,000 | 4.81% | 2.16% | 0.87% | 0.24% | |
NSW Country | $298,000 | 6.28% | -1.14% | -1.04% | -0.85% |
Australia | $398,000 | 6.58% | -0.30% | 0.34% | 0.50% |
