Median home prices mainly unchanged, says Commonwealth Bank
28 January 2005
National median house and unit prices remained unchanged in the
December quarter compared to the September 2004 quarter, the
Commonwealth Bank Property Value Guide reveals. Queensland,
Western Australia and the Northern Territory are the only states
to have recorded an increase in median house and unit prices
over the last quarter, with the other states having recorded no
change or slight price declines.
"Our Property Value Guide indicates that median property prices
around the country have been quite stable. In fact, at a
national level, median house and unit prices have been unchanged
for each of the last three quarters of 2004. This confirms to us
that the property market is experiencing a soft landing after
its previous strong gains", said Geoff Austin, Executive General
Manager, Mortgages and Investments.
According to the Commonwealth Bank Property Value Guide figures,
Queensland was the biggest mover in the major states in the
December 2004 quarter, with median house prices increasing 3.8
per cent compared to the September 2004 quarter. In the unit
market, Western Australia topped the major states, with a 10 per
cent increase in median prices in the December 2004 quarter.
Median house prices in the December 2004 quarter ranged from
$400,000 in New South Wales to $200,000 in Tasmania, with both
states recording no growth quarter on quarter.
Median unit prices ranged from $360,000 in New South Wales to
$160,000 in Tasmania.
Tasmanian unit prices grew by 4.9 per cent whilst New South
Wales median unit prices remained unchanged in the quarter.
Mr Austin said: "Although median property prices have been
stable at a national level, clearly there are pockets within the
property market that are still doing well. With stable house
prices, First Home Buyer affordability has improved a little.
However, high property prices like those in Sydney, where the
median house price is $555,000, can still make it difficult for
some people to enter the market."
Details about median property price movements at a national,
state, regional or postcode level can be found in the
Commonwealth Bank Property Value Guide, which is a free online
service and a vital starting point for potential home buyers
researching the property market.
For more information go to
www.commbank.com.au/propertyvalueguide
