Australian Property Market Snapshot
16th January, 2017
According to figures released by the Australian Bureau of Statics (ABS) in December 2016, Australia’s population continues to increase. In year ending June 2016, the Australian population grew by 337,800 people, including 182,165 people who arrived as migrants.
The bulk of this growth occurred in the states along Australia’s east coast, particularly New South Wales and Queensland, where both population growth and residential building continue to boom. However, it was Victoria, with a 2.1% growth rate that achieved the title of the fastest growing population in the country. Victoria recorded its largest ever influx of population from the other states. In addition, Victoria experienced the largest net inflow from overseas since the GFC caused a spike in inbound migration back in 2009.
In contrast, the challenging industry conditions (particularly in the mining industry) in Western Australia, South Australia and the Northern Territory, are reflected in these state’s declining rates of population growth.
The high unemployment rate in Western Australia is also contributing to it’s declining population numbers. Kent has seen an increase in removals from Western Australia to Victoria and other states as people seek to take advantage of the employment opportunities that the eastern states have to offer.
Median house price sales reflect this trend, with Sydney and Melbourne recording 3.1% and 3.2% price increases while every other capital city recorded a decrease in median house prices. Darwin and Perth suffering the biggest drops.
Capital City Median House Price and Vacancy Rates
Median House Prices Up (Sales)
- Sydney 3.1% to $1,076,878
- Melbourne 3.2% to $740,000
Median House Prices Down
- Brisbane 1.2% to $494,000
- Adelaide 2.2% to $440,000
- Hobart 2.5% to $385,000
- Perth 3.8% to $512,000
- Darwin 43.5% to $550,000
- Canberra 2.6% to $570,000
- Sydney 1.9%
- Melbourne 2.5%
- Brisbane 4..%
- Perth 6.6%
This property market snapshot has been created through reference to the most respected voices in the Australian real estate industry to assist our clients in making informed relocation decisions. We believe that accurate, actionable property data enables our clients to make informed decisions that cater to the housing requirements of their employees, whilst simultaneously ensuring financial best practice.
Source: REIA Newsletter, December 2016