{"id":3369,"date":"2019-06-19T08:55:01","date_gmt":"2019-06-19T08:55:01","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3369"},"modified":"2021-06-04T14:29:18","modified_gmt":"2021-06-04T07:29:18","slug":"australia-has-worlds-slowest-growing-home-prices","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australia-has-worlds-slowest-growing-home-prices\/","title":{"rendered":"Australia has world\u2019s slowest-growing home prices"},"content":{"rendered":"<p>All capital cities record price drops<\/p>\n<figure id=\"attachment_3370\" aria-describedby=\"caption-attachment-3370\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3370\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1035476929.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1035476929.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1035476929-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1035476929-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3370\" class=\"wp-caption-text\">Perth, Australia. Rudy Balasko\/Shutterstock<\/figcaption><\/figure>\n<p>Australia ranks last in Knight Frank\u2019s latest index tracking movement in average residential property prices across 56 countries.<\/p>\n<p>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).<\/p>\n<p>\u201cNews that the Australian Central Bank has cut interest rates and the Federal Reserve may follow their lead later this year could provide some stimulus,\u201d noted Knight Frank analysts.<\/p>\n<p>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.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/australia-unveils-first-home-buyers-scheme\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Australia unveils first home buyers\u2019 scheme<\/strong><\/a><\/p>\n<p>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.<\/p>\n<p>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).<\/p>\n<p>&#8220;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,&#8221; said ABS chief economist Bruce Hockman.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>Residential prices all over Australia fell 3 percent in the March quarter, the agency reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>All capital cities record price drops<\/p>\n","protected":false},"author":8,"featured_media":20125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[319,214,149,312],"class_list":["post-3369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abs","tag-apac","tag-australia","tag-knight-frank","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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