Data released on Tuesday by the Australian Bureau of Statistics reveal that property prices declined over the December 2018 quarter, with only two capital cities avoiding a decline.
According to ABS data, residential property prices declined by 2.4 per cent nationally.
Sydney saw the largest decline, falling 3.7 per cent, followed by Melbourne, which fell by 2.4 per cent, then Brisbane by 1.1 per cent, by 1 per cent, Darwin by 0.6 of a percentage point and then Canberra by just 0.2 of a percentage point.
Bruce Hockman, chief economist for the ABS said Sydney’s and Melbourne’s declines have continued to lead the decline 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,” 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."
Looking at year-on-year for the December quarter, the price for the weighted average of the capital cities fell by 5.1 per cent. Seeing similar trends as the quarterly data, both Sydney and Melbourne led the way for declines, at 7.8 per cent and 6.4 per cent, respectively.
Following these two was Darwin at a decline of 3.5 per cent, then Perth at 2.5 per cent, and then Brisbane at 0.3 per cent.
Meanwhile, Canberra joined Adelaide and Hobart for recording price rises for the quarter year-on-year, rising by 1.8 per cent, 1.5 per cent and 9.6 per cent, respectively.