City | March 2020 total | Monthly change % | Yearly change % |
---|
Sydney | 29,209 | 10.5% | -22.8% |
Melbourne | 36,125 | 5.7% | -14.0% |
Brisbane | 29,992 | 3.9% | -11.3% |
Perth | 23,591 | 8.5% | -16.1% |
Adelaide | 16,042 | 3.9% | -7.6% |
Canberra | 4,169 | 11.0% | -15.4% |
Darwin | 1,717 | 15.6% | -16.1% |
Hobart | 2,041 | 2.4% | -18.5% |
NATIONAL | 307,847 | 3.7% | -13.2% |
Capital city asking prices increased by 0.7 per cent for houses and increased 0.6 per cent for units during March, with house asking prices now averaging $990,500 and units at $577,000.
I also note though the rise in asking prices for the month, so quite a number of vendors have not really adjusted their pricing expectations as yet,” Christopher said.
Capital city asking prices posted increases of 8.8 per cent for houses and 2.1 per cent for units, a year ago.
Darwin and Hobart both recorded the highest increases for houses of 3.1 per cent, and the highest price increase in units was Sydney and Perth with 0.8 per cent increase.
Brisbane fared less well, with decreases in both house and unit prices – 0.1 per cent for houses and 0.5 per cent for units.
Canberra and Hobart posted declines in unit prices of 2.2 per cent and 3.5 per cent respectively but recorded house price increases of 0.4 per cent and 3.1 per cent respectively.
Adelaide posted declines in house prices of 0.9 per cent but unit prices were up by 0.3 per cent.
The results reveal further cracks in the housing market, after 45 per cent of house auctions were withdrawn on what should have been one of the busiest weekends of the year.
Homebuyers hoping for a drop in property prices due to knock-on effects from coronavirus could be disappointed, with CBRE’s latest market update pointing out that Australian property has traditionally fared relatively well during global economic shocks.
Australian property prices were ultimately boosted by the 1987 Black Monday sharemarket crash, while house prices and sales volumes rebounded by 19 per cent in 2009 after the global financial crisis.
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