The ABS has released its property price index – incorporating both detached houses and units – which registered another 0.7% decline in home values nationally over the June quarter and a 7.4% decline over the year:
Sydney (-0.5%), Melbourne (-0.8%), Brisbane (-0.7%), Perth (-1.4%), Adelaide (-0.6%), and Darwin (-1.8%) all recorded quarterly declines in values, whereas Canberra (+0.2%) and Hobart (+0.5%) recorded increases.
Over the year to June, Sydney (-9.6%) and Melbourne (-9.3%) recorded by far the biggest house price falls, whereas only Hobart (+2.0%) recorded any growth.
The ABS has also updated its estimated total value of residential properties in Australia, which was $6.61 trillion in the June quarter, down from $6.63 trillion in the March quarter and the $6.92 trillion at the same time in 2018. The average price of Australia’s 10,347,200 residential properties is also $638,900, down 6.2% from $681,100 recorded in the June quarter of 2018 (see below table).
Obviously this data is very dated and largely precedes the monetary, macroprudential and fiscal stimulus that has arrived/been announced since the federal election. It also does not capture the recent bounce in both auction clearance rates and prices captured by the more timely CoreLogic data.
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