The Australian Bureau of Statistics on Tuesday reported residential property prices fell 0.7 per cent nationally in the June quarter to be 7.4 per cent down over the past 12 months. Prices in Melbourne and Sydney dropped 0.8 per cent and 0.5 per cent respectively for the quarter, to be 9.3 per cent and 9.6 per cent lower since June 2018.
House prices fell by 0.7 per cent nationally through the June quarter, the ABS has found, but there are signs of moderation.ABS chief economist Bruck Hockman said there were different factors at play in the nation's two largest property markets. "The falls in Melbourne were driven by detached dwellings, while attached dwellings drove the fall in Sydney," he said.
Only one capital, Hobart, reported higher prices over the past 12 months, with prices up 2 per cent. The biggest quarterly drop was in Darwin, where prices fell 1.8 per cent to be 5 per cent lower over the past year. Prices fell 0.7 per cent in Brisbane , 0.6 per cent in Adelaide and 1.4 per cent in Perth.Mr Hockman said there were signs of improvement. "Sydney and Melbourne housing markets have seen residential property price falls moderate this quarter," he said.
The measure of current finances fell 4.6 per cent for its third consecutive weekly drop while the measure of future finances declined 4.8 per cent. A question on whether it was a good time to buy a major household item inched up 0.2 per cent after slipping 7.1 per cent the previous week.
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