Australian residential property prices have fallen 0.7 per cent in the June quarter 2018, according to the recent figures released by the Australian Bureau of Statistics (ABS). 

Sydney and Melbourne were the two largest cities that affected this decline. 

“Sydney recorded the fourth consecutive quarter of falling property prices, while Melbourne property prices fell 0.8 per cent, the second quarter of price falls for the city,” ABS Chief Economist Bruce Hockman said. 

Sydney recorded the most significant fall figure of -1.2 per cent, while Melbourne recorded -0.8 per cent in the June quarter 2018. 

The annual Sydney property price fell 3.9 per cent and recorded the largest price fall since the March quarter 2009. 

Darwin also experienced a fall of -0.9 per cent, and Perth a -0.1 per cent in the June quarter 2018. 

“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,” Mr Hockman said. 

However, Hobart recorded the highest property price rise figure of 3 per cent and continues to rise from year to date with 15.5 per cent. 

Brisbane property price also recorded a rise with 0.7 per cent, Canberra with 0.6 per cent, and Adelaide with 0.3 per cent. 

Overall, the Australian yearly growth fell by 0.6 per cent, which was the first annual fall since the June quarter 2012. 

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