According to the latest ABS data, residential property prices fell 1.8% in the June quarter 2020, however the volume of transactions is down a massive -37% on the same period last year.
Melbourne and Hobart have led the drop in activity with the number of sales down -50% and -55% respectively. Brisbane and Canberra were not far behind at -45% whilst Sydney was down just -27% and Perth -26%.
Head of Prices Statistics at the ABS, Andrew Tomadini, said "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",
The falls in residential property prices was led by Melbourne -2.3% and Sydney -2.2%. House prices fell -2.8% in Melbourne and -2.6% in Sydney, while attached dwelling prices fell -1.4% in Sydney and -1.0% in Melbourne.
Through the full year to June quarter 2020, residential property prices are still +6.2% higher, with rises in all capital cities except Perth and Darwin.
"All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020", said Mr Tomadini.
The total value of Australia’s 10.5 million residential dwellings fell by $98.2 billion to $7,138.2 billion in the June quarter 2020. The mean price of residential dwellings in Australia in the June quarter 2020 was $678,500.
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