Property price falls slow, but 0.7 per cent declines felt in June quarter: ABS

PHOTO: Property price falls

Despite the continued resurgence in the property market, capital city residential prices dropped 0.7 per cent over the June quarter, according to figures released by the ABS.

It’s considerably less than the three per cent declines seen in the March quarter. Every capital city had recorded price declines.

Sydney and Melbourne had been the biggest drivers over the March quarter, but this time it was Darwin (-1.8 per cent) and Perth (-1.4 per cent) leading the declines given the Sydney and Melbourne resurgence.

Melbourne (-0.8 per cent) was the third worst performing capital over the June quarter, followed by Brisbane (-0.7 per cent) then Adelaide (-0.6 per cent).

Sydney saw declines of -0.5 per cent, a considerable bounce back from its -3.9 per cent declines over the March quarter.

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