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After a COVID-induced downturn, Sydney and Melbourne have reinforced their recovery, logging more sales than the remaining capital cities over the past month.
Over the last four weeks, Melbourne’s property market has illustrated its strong recovery, with 1,561 houses sold. Sydney followed with 1,161, but took out the top prize for the highest home and unit median prices of $828,500 and $650,000, respectively, data from CoreLogic revealed.
Results out of Darwin and Canberra were less impressive, with the pair recording only 62 and 64 house sales over the reviewed period.
The two biggest property markets also had the highest number of unit sales at 595 properties for Sydney and 77 properties for Melbourne. Contrasting these results were Hobart and Darwin, with only 35 and 22 unit sales, respectively.
Returning to median house prices, Canberra came in second with a median house price of $750,500, with Melbourne in close third with $705,000.
The most affordable capital city for houses was Perth, with a median price of $490,000.
In the unit market, the second highest median price was recorded in Melbourne and stood at $585,000, with Darwin clocking the lowest with $299,000.
Average time on market for houses was longest in Brisbane with 54 days, followed by Perth (52), Adelaide (41), Darwin (41), Canberra (41), Melbourne (39) and Sydney (38). Hobart had the shortest time on market with 34 days.
As for units, Brisbane recorded the highest number at 74 days while Hobart came in lowest at 35 days.
Vendor discounting for houses was highest in Canberra at -3.0 per cent and lowest in Sydney and Adelaide at -2.1 per cent. For units, vendor discounting was highest in Adelaide at -3.5 per cent and lowest in Canberra at -1.8 per cent.
According to CoreLogic, private treaty sales represented around 85 per cent of all dwelling sales across the country.
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