Dr Andrew Wilson, senior economist for Australian Property Monitor. Photo: www.canberratimes.com.au

Dr Andrew Wilson, senior economist for Australian Property Monitor. Photo: www.canberratimes.com.au

APM senior economist, Dr Andrew Wilson, fronted the media in the wake of findings from the latest AMP House Pricing Report. The domestic housing market recorded a 1.9 per cent increase for the June quarter, but was overshadowed by a 2.5 per cent increase in units during the same period.

Dr Wilson was quick to point out that not all areas fare equally. Hobart, Adelaide and Brisbane are only now seeing confidence trickle back into their markets; Darwin and Canberra were significant under-performers. But the modest figures from these capitals were more than offset by interest in Sydney and Perth.

Sydney house prices rose strongly by 3.1 per cent, Canberra followed with a 2.2 per cent increase for the quarter. Melbourne rose by 1.7, Brisbane 1.5 and Adelaide 1.1 per cent. Hobart house prices fluctuated around 0.8 per cent, with Perth hovering around 0.2 per cent. The only capital to suffer slump in house prices was Darwin dropping 1.9 per cent over the quarter.

Unit values in Sydney soared by 3.9 percent, with price improvements in Adelaide not far behind. Unit values in Darwin rose y 2.1 per cent, with Melbourne and Brisbane trailing by less than one per cent. Perth values remained even. Unit prices in Canberra fell by 0.8 per cent; while in Hobart they plummeted by 1.3 per cent.

While Dr Wilson doesn’t expect the national house market to repeat its exceptional performance of this time last year; but he is optimistic about future house values: Confidence is trickling back into cities like Hobart, Adelaide and Brisbane. Western Australia continues to produce strong economic growth, which will filter down to Perth house prices. And the underlying shortage of city domiciles is likely to drive up values in Darwin.

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