Melbourne and Sydney lead 1.8 per cent June quarter decline: ABS
Residential property prices fell -1.8 per cent in the June quarter 2020, according to the latest figures released today by the ABS.
Melbourne (-2.3 per cent) and Sydney (-2.2 per cent), were the nation's worst performers over the quarter, but all capitals apart from Canberra saw declines.
Over the 12 months however to the June quarter 2020, property prices across the country jumped 6.2 per cent.
Only Perth and Darwin didn't record a rise.
According to the ABS Melbourne led the way with 8.8 per cent gains, followed by Sydney's 8.1 per cent rise.
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The ABS advised that the total value of Australia’s 10.5 million residential dwellings fell by $98.2 billion to $7,138.2 billion in the June quarter 2020.
The mean price of residential dwellings in Australia in the June quarter 2020 was $678,500.
Sydney's decline over the June quarter was driven by houses, which saw declines of -2.6 per cent, back from its March quarter gains of 2.6 per cent.
The ABS say the falls in Sydney's housing market were most evident in the middle to upper market segments, which they calculate at $940,000 and above.
Houses prices are 9.2 per cent higher over the last 12 months.
Units fell back -1.4 per cent, after a 0.8 per cent gain in the March quarter. Over the 12 months unit values are up 6.1 per cent.
The larger declines were in the middle to upper market bracket, $670,000 and above.
It was a similar story in Melbourne with houses the hardest hit in the June quarter. Prices were down -2.8 per cent following a 2.3 per cent March quarter gain.
The ABS say price falls were most evident in the middle to upper segment of the market, which they calculate is $8100,000 and above.
Melbourne's house values are up 8.9 per cent over the last 12 months, just shy of Sydney.
Unit prices over the June quarter dropped one per cent, from a 1.5 per cent gain in the March quarter.
Price falls were most evident in the upper segment of the market, which the ABS say is $670,000 and above.