Residential property prices fell 2.4% in the December quarter 2018, according to figures released by the ABS.
Australia’s two largest cities lead the fall in property prices, with Sydney prices falling 3.7% and Melbourne prices falling -2.4%. This is their fourth consecutive quarter of falls that have been recorded.
A tightening in credit supply and reduced demand from investors has had a more pronounced effect on the larger property markets of Sydney and Melbourne. This is despite property prices falling in most capital cities.
Throughout the year, growth in residential property prices fell 5.1%. These falls were recorded in Sydney (-7.8%), Melbourne (-6.4%), Darwin (-3.5%), Perth (-2.5%) and Brisbane (-0.3%).
The total value of Australia’s 10.3 million residential dwellings fell by $133.1 billion to $6.7 trillion. As a result, the mean price of dwellings in Australia is now $651,100.