The Real Estate Institute of Australia (REIA) reported the largest decline in real estate prices since December 2011, resulting in losses for real estate sellers and gains for real estate. buyers.
The REIA Real Estate Market Facts report for September indicated that weighted average median home prices had dropped 1.6%, marking the largest decline in almost seven years. Other dwellings also recorded a decline of 0.8%, the largest decline in the category in a year.
The median weighted average price of homes in eight capitals fell to $ 751,411 during the quarter, as prices fell in almost all capital cities. Brisbane and Adelaide resisted the downtrend, while values ​​in Melbourne remained stable.
Research revealed that Hobart had recorded the largest decline in real estate prices and the median home price of the lowest, at $ 475,000.
The median weighted average price of other dwellings decreased to $ 587,959 over the same period, with prices falling in all capital cities except Melbourne and from Canberra.
Darwin recorded the largest price drop in other dwellings, while Adelaide posted the lowest median price for other dwellings at $ 344,000.
REIA President Malcolm Gunning said the median rent for three-bedroom homes rose in Melbourne and Hobart and remained stable in Sydney, Brisbane, Adelaide, Perth and Canberra. Meanwhile, Darwin was the only capital to experience a drop in the median rent of three-bedroom homes.
On the other hand, the median rent of other two-bedroom dwellings increased in Melbourne, Brisbane and Adelaide, remained stable in Sydney, Perth and Canberra, and declined in Hobart and Darwin. Melbourne recorded the largest increase, while Hobart recorded the largest reduction.
The report also revealed that the rental market was showing signs of slowing, with the weighted average vacancy rate in the eight capitals having risen to 2.6% in the quarter.
Housing vacancy rates in Sydney, Melbourne, Brisbane, Canberra and Hobart were below the 3% mark, reflecting strong demand for rental housing in these capitals.
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