The Australian property market generally performed well in the June Quarter, according to the Residex research group. The Sydney, Melbourne and Brisbane markets delivered solid price gains over the June Quarter, with the exception of Brisbane units.

 

The resource markets in WA and NT continued their decline, but the figures suggest the pace of the declines has slowed. 

 

Australia-wide, the median house price was essentially unchanged (a rise of 0.03%) during the June Quarter, while the unit median price increased 2.6%.

 

“Recent divergence between the performances of the different dwelling types may be partially explained by the growth cycles of houses and units being unsynchronised,” Eliza Owen, market analyst for Residex says.

 

Other explanations for the divergence may be the relative affordability of units, or units becoming an increasingly preferred dwelling for locations in cities.

 

Sydney houses grew 8% in the 12 months to June, increasing the median value by $55,000. However, this annual growth rate is down from a peak in the growth cycle of 22% in September 2015. A surge in the June Quarter occurred in Brisbane houses, which had the strongest quarterly capital growth rate at 2.95%.