Read Time: 3 minutes

As you have no doubt been reading, the Australian federal government launched some measures in the May budget to curb house prices, mainly in the Sydney and Melbourne markets. These measures combined with tighter restrictions from APRA have started to take effect. On the ground, in Sydney and Melbourne, we are seeing more properties sell by private treaty and auctions not as frenzied as previously or properties passing in. All property markets work in cycles and Sydney and Melbourne are certainly at the peak of the cycle and we are expecting these markets to continue to normalise. 

On the ground in other markets, Hobart and Canberra continue to be strong. We are seeing listings come on the market in Hobart, with multiple parties through and selling after the first open. Adelaide continues to be a steady market, it’s certainly the quiet achiever at the moment, with strong gains seen in the inner to the middle ring.

Let’s take a look at how each capital city performed in May. 

Sydney: 

  • Capital Growth (all dwellings): -1.3% ⬇︎
  • Median Dwelling Price (all dwellings): $872,300 ⬆︎
  • Gross Rental Yield (houses): 2.8% ⬆︎
  • New South Wales Unemployment Rate (April): 4.7%

Melbourne: 

  • Capital Growth (all dwellings): -1.7% ⬇︎
  • Median Dwelling Price (all dwellings): $665,000 ⬆︎
  • Gross Rental Yield (houses): 2.7% -
  • Victoria Unemployment Rate (April): 6.1%

Brisbane (ex. Gold Coast): 

  • Capital Growth (all dwellings): 0.3% ⬆︎
  • Median Dwelling Price (all dwellings): $490,000 ⬆︎
  • Gross Rental Yield (houses): 4.0% -
  • Queensland Unemployment Rate (April): 6.3%

Canberra: 

  • Capital Growth (all dwellings): -0.1% ⬇︎
  • Median Dwelling Price (all dwellings): $600,000 ⬇︎
  • Gross Rental Yield (houses): 4.2% -
  • Canberra Unemployment Rate (April): 3.6%

Hobart: 

  • Capital Growth (all dwellings): -4.8% ⬇︎
  • Median Dwelling Price (all dwellings): $350,000 ⬇︎
  • Gross Rental Yield (houses): 5.3% -
  • Tasmania Unemployment Rate (April): 5.9%

Adelaide: 

  • Capital Growth (all dwellings): 0.8% ⬆︎
  • Median Dwelling Price (all dwellings): $432,000 ⬆︎
  • Gross Rental Yield (Houses): 3.9% -
  • South Australia Unemployment Rate (April): 7.3%

Perth: 

  • Capital Growth (all dwellings): -0.4% ⬇︎
  • Median Dwelling Price (all dwellings): $481,500 ⬆︎
  • Gross Rental Yield (houses): 3.7% ⬆︎
  • Western Australia Unemployment Rate (April): 5.9%

Darwin: 

  • Capital Growth (all dwellings): -3.5% ⬇︎
  • Median Dwelling Price (all dwellings): $460,000 ⬇︎
  • Gross Rental Yield (houses): 5.0% ⬆︎
  • Northern Territory Unemployment Rate (April): 3.5%

National Outlook (Combined Capitals): 

  • Capital Growth (all dwellings): -1.1% ⬇︎
  • Median Dwelling Price (all dwellings): $630,000 ⬆︎
  • Unemployment Rate May: 5.7% -
    • Current Unemployment Rate June: 5.5% ⬇︎
  • RBA, Official Cash Rate: 1.5% -
  • Consumer Confidence Index: 112.2% ⬆︎
  • Business Confidence Index: 113.8% ⬇︎

Look out in July for our second quarter update. 

Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here

Thanks, Michael 

Sources: CoreLogic / Herron Todd White / Australian Bureau of Statistics / Roy Morgan

#onthehunt #milkchocproperty #propertyconcierge

Make sure you are following us on FacebookInstagramPinterest and LinkedIn for more news, handy insights and inspiration.

If you like this post, we’d love it if you could share :)

Disclaimer: All data and information provided on this site is for informational purposes only. Milk Chocolate makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

Thanks, Michael 

Comment