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Australia House Prices Drop In Q2

Australia's house prices declined for the first time in a year in the second quarter, data from the Australian Bureau of Statistics showed Tuesday.

House prices fell 1.8 percent on a yearly basis in the June quarter, reversing a 1.6 percent rise in March quarter. This was the first decline since June 2019.

The falls in residential property prices were led by the Sydney and Melbourne property markets.

Head of Prices Statistics at the ABS, Andrew Tomadini, said "All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020".

On a yearly basis, house prices were up 6.2 percent with rises in all capital cities except Perth and Darwin.

"The number of residential property transactions fell substantially in the eight capital cities during the June quarter 2020, due to the effects of COVID-19 on the property market", said Tomadini.

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