Residential property prices fell 0.7 per cent in the June quarter 2019, according to figures released today by the Australian Bureau of Statistics (ABS).
The falls in property prices were led by the Melbourne (-0.8 per cent) and Sydney (-0.5 per cent) property markets. All capital cities apart from Hobart (+0.5 per cent) and Canberra (+0.2 per cent) recorded falls in property prices in the June quarter 2019.
ABS Chief Economist Bruce Hockman said, "The falls in Melbourne were driven by detached dwellings, while attached dwellings drove the fall in Sydney".
Through the year, residential property prices fell 7.4 per cent in the June quarter 2019. Prices fell 9.6 per cent in Sydney and 9.3 per cent in Melbourne. Hobart (+2.0 per cent) was the only capital city to record positive through the year growth.
"Sydney and Melbourne housing markets have seen residential property price falls moderate this quarter. A number of housing market indicators, such as auction volumes and clearance rates, have begun to show signs of improvement, though they remain below the levels seen one year earlier", said Mr Hockman.
The total value of Australia's 10.3 million residential dwellings fell by $17.6 billion to $6,610.6 billion in the June quarter 2019. The mean price of dwellings in Australia is now $638,900. The total value of residential dwellings has fallen for five consecutive quarters, down from $6,957.2 billion in the March quarter 2018.
