Property data released by Cotality indicates a decrease in house values for Sydney and Melbourne during December. This marks the first monthly decline for both cities since January of the previous year.
Sydney experienced a 0.3 percent reduction in house values, with its median house value standing at approximately $1.6 million. Melbourne saw a 0.1 percent decrease, bringing its median house value to $981,165.
Conversely, other Australian capital cities recorded increases in house values during the same period:
- Darwin: +2.1 percent, median value $697,251.
- Perth: +1.9 percent, median value $983,068.
- Adelaide: +1.9 percent, median value $960,051.
- Brisbane: +1.5 percent, median value $1,131,329.