Residential property prices fell 0.7% in the June quarter 2018, according to figures released today by the Australian Bureau of Statistics (ABS).
ABS Chief Economist Bruce Hockman said that Australia's two largest cities continued to lead the fall: "Sydney recorded the fourth consecutive quarter of falling property prices (-1.2%), while Melbourne property prices fell 0.8%, the second quarter of price falls for the city.
"The initial slowdown in these markets was spurred by regulatory changes and a tightening in the supply of credit to investors. A drop in investor demand over recent months appears to be adding to the slowing in housing credit growth. The effect of this is more pronounced in the larger property markets of Sydney and Melbourne."