House prices are still rising

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May has ended on a positive note for most capital city housing markets with prices continuing to rise although with a wide variation of results.

The strong Melbourne and Canberra markets remain the top performers with median asking prices for houses listed for private sale increasing by 4.9 per cent and 4. 1 per cent respectively compared to the previous month.

Other capitals however recorded significantly lower results by comparison with monthly asking prices for Hobart houses up by 1.2 per cent and Sydney similarly increasing by 1.1 per cent. Asking prices were steady over the month in Adelaide but fell by 0.7 per cent in Brisbane and 1.1 per cent in Perth, and declined by 2.4 per cent in Darwin.

Melbourne’s asking prices have surged over the past year, increasing by 20.0 per cent with Hobart and Canberra prices also up sharply over the year – by 15.5 per cent and 14. 5 per cent respectively. Sydney asking prices have increased modestly by comparison – up by 3.4 per cent over the year with Adelaide rising by 2.7 per cent and Brisbane by just 0.3 per cent. Darwin annual prices however were down by 2.4 per cent and Perth also down – falling sharply by 5.6 per cent.

askinghousesmay17

With the typically quieter winter selling season now commenced listing and sales activity can be expected to decline before the usual spring revival for housing markets. The top performing Melbourne market however enters winter with clear buyer and seller momentum particularly in middle and outer suburban lower and mid-price range suburbs.

Winter activity can be expected to continue to be fuelled by stamp duty reductions for first home buyers that commence from July 1 in both NSW and Victoria and that will likely release significant pent-up demand from this group.

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