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In March, Hobart and Darwin were the best performing capital cities for capital growth (all dwellings) and gross rental yield (houses) at 3.1% and 5% respectively. Sydney still holds the title of the most expensive capital city, recording a median price (all dwellings) of $805,000 and the lowest gross rental yield of all capital cities (houses) at 2.7%. Continuing to indicate that rents aren’t keeping up with home values, which in past property cycles is typical of a market nearing its peak. 

This month also saw the Western Australian government change hands, after almost nine years of a Liberal government under premier Colin Barnett. The state is now led by premier Mark McGowan of the Australian Labor Party. We'll wait to see if this change in government will have a positive impact on the housing market.

At a national level, capital growth (all dwellings) was up by 1.4%, unemployment remained unchanged at 5.9%. We have seen a slight boost in consumer and business confidence with the March Index recording 99.7 and 113.8 respectively to a benchmark of 100. Over 100 indicates consumers and businesses are feeling optimistic about the economy, under 100 and there is some pessimism on the streets.  

Let’s take a look at the Australian property data for March. 

Sydney: 

  • Capital Growth (all dwellings): 1.4% ⬇︎

  • Median Dwelling Price (all dwellings): $805,000 ⬆︎

  • Gross Rental Yield (houses): 2.7% ⬇︎

  • Unemployment Rate (NSW): 5.1% ⬇︎

  • Auction Clearance Rate: 81%

Melbourne: 

  • Capital Growth (all dwellings): 1.9% ⬆︎

  • Median Dwelling Price (all dwellings): $605,000 ⬇︎

  • Gross Rental Yield (houses): 2.7% -

  • Unemployment Rate (VIC): 6.1% -

  • Auction Clearance Rate: 80%

Brisbane (ex. Gold Coast): 

  • Capital Growth (all dwellings): 0.2% ⬆︎

  • Median Dwelling Price (all dwellings): $480,000 ⬇︎

  • Gross Rental Yield (houses): 4.1% -

  • Unemployment Rate (QLD): 6.3% ⬇︎

  • Auction Clearance Rate: 52%

Canberra: 

  • Capital Growth (all dwellings): 1.4% ⬇︎

  • Median Dwelling Price (all dwellings): $586,500 ⬆︎

  • Gross Rental Yield (houses): 4.0% -

  • Unemployment Rate (ACT): 3.7% ⬇︎

  • Auction Clearance Rate: 71%

Hobart: 

  • Capital Growth (all dwellings): 3.1% ⬆︎

  • Median Dwelling Price (all dwellings): $355,000 ⬇︎

  • Gross Rental Yield (houses): 5.0% -

  • Unemployment Rate (TAS): 6.0% ⬆︎

  • Auction Clearance Rate: 59%

Adelaide: 

  • Capital Growth (all dwellings): 0.4% ⬇︎

  • Median Dwelling Price (all dwellings): $439,000 ⬆︎

  • Gross Rental Yield (Houses): 4.0% -

  • Unemployment Rate (SA): 7.0% ⬆︎

  • Auction Clearance Rate: 65%

Perth: 

  • Capital Growth (all dwellings): 1.0% ⬆︎

  • Median Dwelling Price (all dwellings): $475,000 ⬇︎

  • Gross Rental Yield (houses): 3.6% ⬇︎

  • Unemployment Rate (WA): 6.5% ⬆︎

  • Auction Clearance Rate: 44%

Darwin: 

  • Capital Growth (all dwellings): 3.1% ⬆︎

  • Median Dwelling Price (all dwellings): $490,000 ⬇︎

  • Gross Rental Yield (houses): 5.0% ⬇︎

  • Unemployment Rate (NT): 3.5% -

  • Auction Clearance Rate: 19%

National Outlook (Combined Capitals): 

  • Capital Growth (all dwellings): 1.4% -

  • Median Dwelling Price (all dwellings): $585,000 ⬆︎

  • Unemployment Rate: 5.9% -

  • RBA, Official Cash Rate: 1.5% -

  • Consumer Confidence Index: 99.7 ⬆︎

  • Business Confidence Index: 113.8 ⬆︎

As per the Cordell Construction monthly report, there is $15.09 billion of planned infrastructure projects on the table and $6.43 billion in current works, nationwide. Community projects make up 56%, followed by apartments/units and civil engineering at 17%, industrial 7%, commercial 4% and mining projects at 1%. 

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 / Cordell / Population Australia / Trading Economics / Roy Morgan Research / Australian Bureau of Statistics

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