All capital cities record price drops
Australia ranks last in Knight Frank’s latest index tracking movement in average residential property prices across 56 countries.
Housing prices sank 5.1 percent year-on-year in the first quarter of 2019, the consultancy noted in its Global House Price Index, citing data from the Australian Bureau of Statistics (ABS).
“News that the Australian Central Bank has cut interest rates and the Federal Reserve may follow their lead later this year could provide some stimulus,” noted Knight Frank analysts.
All capital cities recorded drops in housing prices in the March quarter, according to data released by ABS yesterday. Sydney saw prices sag 3.9 percent, while those in Melbourne fell 3.8 percent, the largest falls of any capital city nationwide.
Property prices in Adelaide (-0.2 per cent) and Hobart (-0.4 per cent) also recorded their first falls since the March quarter of 2013 and September quarter of 2012, respectively.
Brisbane recorded a fall of 1.5 percent, while negative growth was also seen in Perth (-1.1 percent), Canberra (-0.9 per cent), and Darwin (-1.8 per cent).
“These results are in line with soft housing market indicators, with sales transactions and auction clearance rates lower than one year ago, and days on market trending higher,” said ABS chief economist Bruce Hockman.
“A continuation of tight credit supply and reduced demand from investors and owner occupiers has contributed to weakness in property prices in all capital cities this quarter.”
Residential prices all over Australia fell 3 percent in the March quarter, the agency reported.
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