Interesting SMH article - 7 May 2011

Prices are falling - some suburbs still hot

Dr Andrew Wilson

May 7, 2011

The latest house price data from the Australian Bureau of Statistics has confirmed most capital city markets slowed in the March quarter.
The ABS reports that prices for established houses in Sydney fell by 1.8 per cent during the quarter, containing the annual increase to just 0.8 per cent.
The ABS trend is broadly in line with the latest Australian Property Monitors' March quarter house price report that reveals Sydney median house prices fell by 0.4 per cent in the quarter and rose by 2 per cent during the year. It should be noted that APM models all house sales, not just established houses, as the ABS does.
Despite the recent decline in prices, Sydney remains the most expensive capital. With the median house price in the March quarter at $643,713, Sydney clearly leads its closest rivals, Darwin ($615,653), Canberra ($568,541) and Melbourne ($563,397).

 

Some Sydney suburbs have continued to perform strongly despite the weaker overall market. The top-10 suburbs for median house price growth in the past year are Kensington (30.9 per cent), Westmead (30.7 per cent), North Sydney (28.9 per cent), Lewisham (26.1 per cent), Neutral Bay (25.2 per cent), Tempe (24.6 per cent), Dundas (24.2 per cent), Abbotsbury (24.2 per cent), Rosebery (24 per cent) and Coogee (23.4 per cent).
These suburbs are in varied locations, with no clear regional trend in house price growth apparent. The annual median prices for these suburbs are also mixed, with four suburbs greater than $1 million and six less.
Dr Andrew Wilson is senior economist for Australian Property Monitors.