Residential property prices dropped by 3% in the March quarter, according to figures released by the Australian Bureau of Statistics (ABS). Data showed that property values fell in capital cities, with Sydney (-3.9%) and Melbourne (-3.8%) recording the largest declines.
Adelaide prices fell by 0.2% and Hobart prices dropped by 0.4% – marking their first falls since March quarter 2013 and September quarter 2012, respectively. Values in Brisbane (-1.5%), Perth (-1.1%), Canberra (-0.9%) and Darwin (-1.8%) also decreased.
"These results are in line with soft housing market indicators, with sales transactions and auction clearance rates lower than one year ago, and days on market trending higher,” ABS Chief Economist Bruce Hockman said. "A continuation of tight credit supply and reduced demand from investors and owner occupiers has contributed to weakness in property prices in all capital cities this quarter."
Growth in property prices fell by 10.3% in Sydney and by 9.4% in Melbourne through the year. Adelaide (0.8%) and Hobart (4.6%) were the only capital cities to log positive results over the same period.
The total value of Australia's 10.3 million residential dwellings slid by $172.7 billion to $6.6 trillion in the March quarter. The mean price of dwellings in Australia is currently at $636,900. The total value of residential dwellings has dropped for four consecutive quarters – down from $6,957.2 billion in the March 2018 quarter. The mean price of residential dwellings has now fallen for five consecutive quarters – down from $689,700 in the December 2017 quarter.
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