Property prices fall 0.7% in June quarter 2018


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."

 

Read the full release at http://www.abs.gov.au/ausstats/abs@.nsf/MediaReleasesByCatalogue/6496B4739650C270CA2581F3000E3B4D?OpenDocument

 

Sharon Taylor
Senior Research Analyst - Performance Property Advisory

Sharon heads up the research division at Performance Property Advisory. As part of our ongoing service to clients, Sharon provides contemporary advice in a range of areas, including growth suburbs and regions, demographics and employment rates, proposed infrastructure developments and other aspects that will contribute to a positive return on their investment.