Australian Bureau Of Statistics
Property Prices Fall 0.7% In June Quarter 2018
Victor P Taffa
Residential property prices fell 0.7 % in the June quarter 2018, according to figures released today by the Australian Bureau of Statistics (ABS).
“Sydney recorded the fourth consecutive quarter of falling property prices (-1.2 %), while Melbourne property prices fell 0.8 %, the second quarter of price falls for the city.” ABS Chief Economist Bruce Hockman said.
Initial slowdown in these markets was spurred by regulatory changes and a tightening in the supply of credit to investors. A drop in investor demand over recent months appears to be adding to the slowing in housing credit growth. The effect of this is more pronounced in the larger property markets of Sydney and Melbourne.”
Through the year growth in residential property prices fell 0.6 %, the first annual fall since the June quarter 2012. With the exception of Hobart (+15.5 %), most capital cities have continued to record a moderation in annual growth rates since the September quarter 2017.
Annually, property prices fell 3.9 % in Sydney, recording the largest price fall since the March quarter 2009, while annual growth in Melbourne (+2.3 %) continued to slow.
Total value of Australia’s 10 Million residential dwellings decreased $13.3 Billion to $6.9 Trillion. The mean price of dwellings in Australia is now $686,200.
Quarterly Percentage Change In Residential Property Prices June Quarter 2018
- Adelaide 0.3%
- Brisbane 0.7%
- Canberra 0.6%
- Darwin -0.9%
- Hobart 3.0%
- Melbourne -0.8%
- Perth -0.1%
- Sydney -1.2%
- Established houses are detached residential dwellings on their own block of land, regardless of age.
- Term ‘attached dwellings’ includes flats, units and apartments plus semi-detached, row and terrace houses.
- Value and mean price of residential dwellings includes any land.