Property prices fall 2.4 per cent
Residential property prices fell 2.4 per cent in the December quarter 2018, according to figures released by the Australian Bureau of Statistics (ABS).
Chief economist for the ABS, Bruce Hockman said: "Australia’s two largest cities continue to lead the fall in property prices. These falls follow a period of solid growth, where prices in Sydney rose 68 per cent and Melbourne rose 54 per cent, over the five years to December quarter 2017."
Sydney property prices fell 3.7 per cent in the December quarter 2018 and have continued to fall since September quarter 2017, while Melbourne property prices recorded the fourth consecutive quarter of falls (-2.4 per cent).
Mr Hockman said: "While property prices are falling in most capital cities, a tightening in credit supply and reduced demand from investors and owner occupiers have had a more pronounced effect on the larger property markets of Sydney and Melbourne."
Through the year growth in residential property prices fell 5.1 per cent in the December quarter 2018. Falls were recorded in Sydney (-7.8 per cent), Melbourne (-6.4 per cent), Darwin (-3.5 per cent), Perth (-2.5 per cent) and Brisbane (-0.3 per cent).
The total value of Australia's 10.3 million residential dwellings fell by $133.1 billion to $6.7 trillion. The mean price of dwellings in Australia is now $651,100.
Have you put off making a downsizing decision based on the falling property prices?
contrary to what some may things property prices ARE falling across Australia. ABS figures out today show that.
"Australian property prices are falling at a faster rate than during the global financial crisis (GFC) with new figures showing the decline is widening outside the Sydney and Melbourne markets."
yes, some of the high end properties may be holding up but in general they certainly are falling. as someone who has just sold a property we had to drop our price quite a lot to get it sold. still made profit but not as much as we would have 12 months ago.