Property prices across Australian capital cities fell in the June quarter 2018 with the weighted average median prices decreasing by 0.8 per cent for houses and 0.3 per cent for other dwellings, according to the Real Estate Institute of Australia (REIA).

The Real Estate Market Facts report shows the weighted average median price for houses for the eight capital cities slid to $765,098 over the quarter, with prices dropping in all capital cities except for Brisbane, Adelaide and Hobart.

REIA President Malcolm Gunning said the weighted average median price for other dwellings decreased to $590,935 over the quarter, with prices falling in all capital cities except for Melbourne, Brisbane, Hobart and Darwin.

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“Canberra had the largest fall in house prices and Adelaide had the largest decline in other dwellings. Adelaide has both the lowest median price for houses at $471,000 and the lowest median price for other dwellings at $354,167,” Mr Gunning said.

Simon Richards of Berkely Residential Manuka told WILLIAMS MEDIA the market in Canberra has pulled back but the price drops haven’t been massive.

“Over the quarter, the median rent for three-bedroom houses increased in Canberra and Darwin, remained steady in Perth and, decreased in Sydney, Melbourne, Brisbane, Adelaide and Hobart,” said Mr Gunning.

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Mr Richards said the rental market has gone up even with increased supply of units and townhouses in Canberra.

“It has been strong in the last two weeks or so. The Spring market is when a lot of defence and embassies come in, running to February,” said Mr Richards.

“We are getting multiple applications, and some rental prices have increased more than $40 a week since a year ago."

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Mr Gunning said the weighted average vacancy rate for the eight capital cities fell to 2.5 per cent during the June quarter indicating a tighter rental market. Canberra has the tightest market with a vacancy rate of 0.8 per cent.

“The June quarter figures reflect reports of a changing dynamic in the market, particularly in the nation’s major cities,” Mr Gunning said.

Mr Richards said in Canberra prices are still good but the depth of the buyer isn’t there as much as it used to be.

“A year ago you might have had three or four people interested in a property, now it is more like one or two people.

“Auction clearance rates are also lower.

“However good properties are still selling and will always.”

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