Fresh data out of the Australian Bureau of Statistics (ABS) has revealed residential property prices fell 1.8% in the June quarter.
The drop in values was led by the Sydney (-2.2%) and Melbourne (-2.3%) property markets. In the former city, house prices fell 2.6% and attached dwelling prices dipped 1.4%; in Melbourne, house prices declined 2.8% and attached dwellings by 1.0%.
ABS head of prices statistics, Andrew Tomadini explained, "All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020.”
"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.”
The total value of Australia’s 10.5 million residential dwellings fell by $98.2bn to $7,138.2bn over the three month period, bringing the mean price of residential dwellings in Australia to $678,500.
However, while capital city prices are down 1.8% this quarter, they’ve risen 6.2% over the last twelve months.
In the June quarter, Brisbane (-0.9%), Perth (-0.7%), Adelaide (-0.8%), Darwin (-1.4%) and Hobart (-0.4%) recorded decreases in value, while Canberra (+0.8%) posted a slight increase.
Over the last twelve months, prices have risen in Melbourne (+8.8%), Sydney (+8.1%), Hobart (+6.1%), Canberra (+3.6%), Brisbane (+2.3%) and Adelaide (+0.7%), while they fell in Darwin (-2.7%) and Perth (-0.2%).