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Australia House Prices Sink 0.7% In Q2

House prices in Australia were down 0.7 percent on quarter in the second quarter of 2019, the Australian Bureau of Statistics said on Tuesday.

That exceeded expectations for a decline of 1.1 percent following the 3.0 percent drop in the three months prior.

On a yearly basis, house prices fell 7.4 percent - unchanged from Q1 but again beating forecasts for a fall of 7.7 percent.

The total value of residential dwellings in Australia fell A$17,611.6m to A$6,610,590.1m this quarter. The mean price of residential dwellings fell A$4,400 to A$638,900. The number of residential dwellings rose by 43,100 to 10,347,200.

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