Property buyers who were priced out of the markets last year are now in a better position to grab a bargain as values drop across all capital cities, according to the latest data from Residex.
Hobart had the biggest fall, with median house values dropping by 2.24% to $346,000 during the month. Brisbane lost 1.52% to $ 452,500, while Perth edged lower by 1.69% to $504,500. Sydney prices dropped by 1.05% to $573,000, while Adelaide lost 0.68% to $373,000.
Despite the overall negative growth, there are areas that are defying the downturn.
White Rock in northern Queensland is a classic example. The tropical town racked up 9.13% growth in value to $321,000 over the three months to June. Rental yields are also a healthy 4.7%, as weekly rents climbed to $290 per week. Over the past 12 months, values jumped by 20.29%.
Sydney's Cremorne Point also notched up strong gains thanks to strong demand. The prime suburb, located just 6km from the CBD, saw median house prices surging by 7.83% to $2.85m over the three months to June.
Gavin McPherson, property consultant with Oasis Property Buyers, says the size and location of Cremorne Point, which is enveloped by the prime suburb of Mosman and the water, "contributes to its potential growth".
"Turnover of property in this locale is low, and any area with such turnover is always going to be reluctantly sold but aggressively sought. When [properties] do sell, it's always for the right price," McPherson says.
Future growth in the area looks promising, as the combination of city proximity and the exclusive waterfront location push demand high while supply remains locked - all of which is sure to keep demand buoyant.
"Residents enjoy proximity to city, but with relative peace and quiet," McPherson says.