Property prices fell 1.8 per cent in June quarter 2020

Residential property prices fell 1.8 per cent in the June quarter 2020, according to figures released today by the Australian Bureau of Statistics (ABS).

The falls in residential property prices were led by the Sydney (-2.2 per cent) and Melbourne (-2.3 per cent) property markets. House prices fell 2.6 per cent in Sydney and 2.8 per cent in Melbourne, while attached dwelling prices fell 1.4 per cent in Sydney and 1.0 per cent in Melbourne.

Head of Prices Statistics at the ABS, Andrew Tomadini, said “All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020”.

Through the year to the June quarter 2020, residential property prices rose 6.2 per cent, with rises in all capital cities except Perth and Darwin.

“The number of residential property transactions fell substantially in the eight capital cities during the June quarter 2020, due to the effects of COVID-19 on the property market”, said Mr Tomadini.

The total value of Australia’s 10.5 million residential dwellings fell by $98.2 billion to $7,138.2 billion in the June quarter 2020. The mean price of residential dwellings in Australia in the June quarter 2020 was $678,500.

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