PHOTO: The mean price of dwellings in Australia is $686,200.
Australian’s residential property market decreased in value by $13.3 billion in the June quarter, according to figures released by the Australian Bureau of Statistics.
Sydney and Melbourne led the fall, with the slowdown encouraged by a tightening in credit supply.
According to the ABS, most capital cities have continued to record a moderation in annual growth rates since the September quarter last year, with the exception of Hobart which was up 15.5 percent.
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