ABS: Property prices fell 0.7% in Q2

The ABS has released its property price index – incorporating both detached houses and units – which registered another 0.7% decline in home values nationally over the June quarter and a 7.4% decline over the year:

Sydney (-0.5%), Melbourne (-0.8%), Brisbane (-0.7%), Perth (-1.4%), Adelaide (-0.6%), and Darwin (-1.8%) all recorded quarterly declines in values, whereas Canberra (+0.2%) and Hobart (+0.5%) recorded increases.

Over the year to June, Sydney (-9.6%) and Melbourne (-9.3%) recorded by far the biggest house price falls, whereas only Hobart (+2.0%) recorded any growth.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.