House price falls in capital cities for first time in three years: Real Estate Institute of Australia

house priceThe median capital city house price has fallen for the first time in three years. Sydney’s median house price fell by 2.5 per cent in the quarter.

The median house price across all capital cities fell, albeit marginally, to $695,788 in the December quarter, dragged down by a decline in the Sydney market.

The 0.4 per cent decline followed 13 consecutive quarters of growth in the weighted average median house price, the Real Estate Institute of Australia said.

REIA president Neville Sanders said strong growth in Hobart, Canberra and Brisbane and marginal increases in Darwin and Perth were unable to offset falling median house prices in Sydney and Melbourne.

“Sydney, the strongest market in the recent years, showed the largest decrease in median prices leaving some commentators speculating whether the city’s housing market has reached its peak,” Mr Sanders said on Thursday.

Australian median house price $695,788 (down 0.4 per cent in December quarter)

– Sydney down 2.5 per cent to $1,025,478

– Melbourne down 0.1 per cent to $718,000

– Hobart up 9.8 per cent to $392,000

– Canberra up 3.7 per cent to $593,000

– Brisbane up 3.2 per cent to $490,000

– Darwin up 0.5 per cent to $608,750

– Perth up 0.4 per cent to $535,000

– Adelaide steady at $430,000

Source: REIA. Weighted average median house price for eight capital cities at December 2015 quarter.