Residential Property Prices Down 0.7 % March Quarter 2018

Residential Property Prices Down 0.7 % March Quarter 2018

Australian Bureau Of Statistics

Sydney And Melbourne Drive Property Price Fall

Victor P Taffa

Residential property prices fell 0.7 % in the March quarter 2018, according to figures released today by the Australian Bureau of Statistics (ABS).

“Sydney recorded the third consecutive quarter of falling property prices (-1.2 %) and the first annual price fall (-0.5 %) since the March quarter 2012, while Melbourne property prices fell 0.6 %, the first quarterly price fall since September quarter 2012.” ABS Chief Economist Bruce Hockman said.

“Regulatory changes and tighter lending conditions have continued to affect investors, who are more active in the Sydney and Melbourne property markets. These cities have seen strong price growth over recent years particularly in detached dwellings.”

Through the year growth in residential property prices continued to moderate (2.0 %) in the March quarter 2018. Most capital cities have shown declines in annual growth rates since September quarter 2017, except Hobart (+14.1 %), which has continued to see strong rises in residential property prices.

“Positive economic conditions in Hobart, such as, solid jobs growth, rising employment, and an increase in net interstate migration, are underpinning demand for property.” Mr. Hockman said.

“Hobart has continued to experience consistently tight housing supply, which is leading to a strong rise in residential property prices.”

 

Quarterly Percentage Change In Residential Property Prices March Quarter 2018

  • Adelaide 0.5%
  • Brisbane -0.6%
  • Canberra 0.9%
  • Darwin -1.1%
  • Hobart 4.3%
  • Melbourne -0.6%
  • Perth -0.9%
  • Sydney -1.2%

Total value of Australia’s 10 Million residential dwellings decreased $22.5 Billion to $6.9 Trillion. The mean price of dwellings in Australia is now $687,700.