Domain: Australian house prices stabilising

Domain has released its house price results for the June quarter, which reported further falls.

As shown in the next table, median house prices fell by 0.4% across the combined capitals over the June quarter, with prices down 6.4% year-on-year:

As you can see, prices fell across five out of eight capitals over the quarter, and all but Adelaide and Hobart over the year.

Turning to apartments, values fell by 0.2% across the combined capitals in the June quarter and by 5.3% year-on-year:

Values fell across all capitals except Melbourne over the June quarter, and all but Adelaide and Canberra over the year.

Commenting on the results, Domain economist Trent Wiltshire claimed the data is evidence the property market is turning:

[Wiltshire said] the eight weeks since the election were significant in further bolstering the recovering housing market, and were not included in their entirety in the June figures.

“Current data and observations affirm the trends reflected in the quarterly report, and consumer surveys indicate confidence is building,” he said. “Things are turning around.”

CoreLogic’s data backs this view, with both monthly and quarterly growth improving:

Auction clearance rates have also rebounded, albeit on low volumes, which points to a rebound:

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