The property market has not escaped the impact of the global credit crisis but local property prices continue to hold their own compared to foreign markets.

RP Data and Rismark International’s national dwelling index rose 1.6 per cent in the year to March, highlighting the relative strength of the domestic property market.

Of course, there has been some degree of softening across the market with premium price pockets leading the charge.

According to RP Data the number of million dollar plus suburbs across the country shrank by 12 per cent in the past 12 months.

In New South Wales alone eight suburbs lost their million dollar median house price tag while in Western Australia six suburbs slipped out of the elite club.

Coastal locations – where people tend to have holiday homes – are also feeling the crunch as higher net worth individuals look to offload discretionary assets. Vendor discounting is rife in these locations according to RP Data, with discounts of close to 20 per cent in some cases.

Nonetheless, the federal government’s decision to extend the first home owner incentives until the end of the year is expected to continue to maintain – and arguably inflate – prices at the lower end of the market.

This is backed by a Core Data analysis in May of ABS loan data, which found that the average first home buyer loan had increased by $29,500 in a six month period, reflecting higher asking prices.

The amount of the average first home buyer loan is now $37,500 more than that of non-first home buyers – an increase of more than $30,000 since August last year.

PRICES AND INDICATORS

Latest figures

SYDNEY

Median house price: $565,928

Quarterly growth: 2.39%

Annual growth: -1.87%

Average annual growth: 0.62%

Median weekly rent: $502

Gross rental yield: 4.62%

Median unit price: $430,413

Quarterly growth: 2.54%

Annual growth: 0.91%

Average annual growth: 1.82%

Median weekly rent: $462

Gross rental yield: 5.58%

MELBOURNE

Median house price: $451,004

Quarterly growth: 2.29%

Annual growth: -2.19%

Average annual growth: 5.43%

Median weekly rent: $338

Gross rental yield: 3.90%

Median unit price: $362,209

Quarterly growth: 2.83%

Annual growth: 0.08%

Average annual growth: 5.01%

Median weekly rent: $329

Gross rental yield: 4.72%

BRISBANE

Median house price: $449,757

Quarterly growth: 1.42%

Annual growth: -3.48%

Average annual growth: 10.19%

Median weekly rent: $395

Gross rental yield: 4.56%

Median unit price: $330,390

Quarterly growth: 0.41%

Annual growth: -3.50%

Average annual growth: 9.45%

Median weekly rent: $340

Gross rental yield: 5.35%

ADELAIDE

Median house price: $410,442

Quarterly growth: -0.52%

Annual growth: -1.26%

Average annual growth: 7.89%

Median weekly rent: $340

Gross rental yield: 4.30%

Median unit price: $336,639

Quarterly growth: 0.36%

Annual growth: -1.94%

Average annual growth: 10.76%

Median weekly rent: $321

Gross rental yield: 4.96%

PERTH

Median house price: $473,387

Quarterly growth: -0.72%

Annual growth: -6.13%

Average annual growth: 10.71%

Median weekly rent: $431

Gross rental yield: 4.73%

Median unit price: $439,042

Quarterly growth: -0.70%

Annual growth: -8.47%

Average annual growth: 11.99%

Median weekly rent: $418

Gross rental yield: 4.95%

DARWIN

Median house price: $477,659

Quarterly growth: 1.60%

Annual growth: 6.51%

Average annual growth: 14.55%

Median weekly rent: $584

Gross rental yield: 6.35%

DARWIN

Median unit price: $336,306

Quarterly growth: 6.38%

Annual growth: 12.78%

Average annual growth: 13.40%

Median weekly rent: $425

Gross rental yield: 6.57%

CANBERRA

Median house price: $482,464

Quarterly growth: 1.27%

Annual growth: -3.45%

Average annual growth: 5.43%

Median weekly rent: $482

Gross rental yield: 5.20%

Median unit price: $375,161

Quarterly growth: 1.69%

Annual growth: -0.11%

Average annual growth: 7.98%

Median weekly rent: $443

Gross rental yield: 6.15%

Source: RP Data

MORTGAGE INDICATORS

LENDING FOR HOUSING – SEASONALLY ADJUSTED

March 09: $20.688 billion

Change from February 09: Increased by 6.7%

Change from March 08: Increased by 2.4%

AVERAGE NEW OWNER OCCUPIER HOME LOAN

March 09: $263,200

Change from February 09: Increased by 4.6%

Change from March 08: Increased by 12.7%

FIXED-RATE LOANS AS PERCENTAGE OF OWNER OCCUPIER LOANS

March 09: 2.4%

Change from February 09: Down by 0.4%

Change from March 08: Down by 21.5%

FIRST HOME BUYERS AS PERCENTAGE OF OWNER OCCUPIER FINANCE COMMITMENTS

March 09: 27.3%

Change from February 09: Up by 0.8%

Change from March 08: Up by 10.9%

Source: ABS

BUILDING APPROVALS

TOTAL DWELLING UNITS APPROVED

March 09: 10,494

Change from February 09: Increased by 3.5%

Change from March 08: Decreased by 16.5%

TOTAL PRIVATE SECTOR HOUSES APPROVED

March 09: 7,333

Change from February 09: Increased by 2.8%

Change from March 08: Decreased by 15.7%

TOTAL PRIVATE SECTOR OTHER DWELLINGS APPROVED

March 09: 2,840

Change from February 09: Increased by 2.8%

Change from February 08: Decreased by 22.4%

Source: ABS

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