Every capital city saw residential property prices fall in March quarter: ABS

Residential property prices fell an average of 3% across all eight capital cities in the March quarter, according to the Australian Bureau of Statistics.

It was up from the 2.4% property price decline in the previous three months of 5.4%.

Every capital city saw falls in property prices, with Sydney posting the sharpest fall of 3.9%, and Melbourne at 3.8%, the report said.

In Adelaide, property prices fell 0.2%, and in Hobart, prices dropped 0.4%, making for the first property price falls in the two state capitals in at least six years.

In Darwin, residential property prices fell 1.8%, and in Brisbane, they dropped 1.5%.

That was followed by a 1.1% decline in Perth, while in Canberra prices retreated 0.9%, the ABS said.