Property prices in Melbourne and Sydney have seen the largest falls. Picture: NCA NewsWire / Andrew Henshaw
Australia’s capital city property prices have slumped, as coronavirus lockdown measures stifle buying activity.
Property price data from the Australian Bureau of Statistics show residential housing prices for the June quarter went backwards 1.8 per cent compared to the prior quarter, with Melbourne and Sydney housing markets seeing the largest falls.
The economic slowdown sparked by the coronavirus pandemic has caused Australia’s capital city property markets to slump. Picture: Tim Pascoe
Residential property prices in Sydney dropped 2.2 per cent over the quarter, largely fuelled by house prices dropping 2.6 per cent. Attached dwellings, such as apartments and townhouses, only fell 1.4 per cent.
The Melbourne property market experienced slightly larger drops for the quarter. Residential property prices fell 2.3 per cent, driven by a 2.8 per cent decline in house prices and a 1 per cent fall in attached dwellings.
Brisbane residential prices fell 0.9 per cent over the June quarter.
ABS head of price statistics Andrew Tomadinau said sales across the eight capital cities fell off a cliff during the June quarter, as COVID-19 restrictions inhibited buying activity.
“The number of residential property transactions fell substantially in the eight capital cities during the June quarter 2020, due to the effects of COVID-19 on the property market”, he said.
“All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020.”
Perth property prices dropped 0.7 per cent. Picture: Tourism Western Australia
The value of Australia’s residential dwellings fell by $98.2 billion over the quarter to a total value of $7138.2 billion.
The average price for house after the slump is $678,500.
Brisbane’s residential market fell 0.9 per cent over the quarter and Adelaide housing prices dropped 0.8 per cent.
Perth fell 0.7 per cent over the period, while Hobart fell 0.4 per cent and Darwin prices dropped by 1.4 per cent.
Canberra was the only market to experience an increase with local residential prices increasing 0.8 per cent.
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