Capital City House Prices Decline in August, Rental Market Remains Tight

The national capital city median house price fell by 1.8% over the August quarter, with Melbourne and Sydney each down 2.1% in August, and 5.0-5.1% over the past year. Unit prices also declined but outperformed houses, and rental markets remain tight.

For Melbourne's western growth corridor, these figures suggest a challenging environment for house sellers, but potentially more stable conditions for unit owners. The tight rental market continues to offer opportunities for investors to secure tenants and maintain strong yields.