The average capital city home just got $11,700 cheaper

Photo by Deeva Sood on Unsplash

When Melbourne and Sydney cough, the nation catches a cold, as data released today reveals property prices declined 1.8% in the June quarter.

According to the Australian Bureau of Statistics (ABS), Sydney's property prices declined 2.2% over the quarter, while Melbourne's declined 2.3%.

This makes the mean price of residential dwellings $678,500, down from $690,200 in the March quarter.

ABS' Head of Prices Statistics Andrew Tomadini put the declines down to COVID-19.

"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 Mr Tomadini.

"All capital cities apart from Canberra recorded falls in property prices in the June quarter 2020."

Brisbane's declined -0.9%; Adelaide -0.8%; Perth -0.7%; Hobart -0.4%; Darwin -1.4%; Canberra +0.8%.

However, nationwide, residential property prices are still up 6.2% on the year to the June quarter 2020, with rises in all capital cities except Perth and Darwin.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

With an average residential dwelling value of $498,500, Western Australia's mean dipped below the $500,000 mark for the first time since ABS began tallying this data in December 2011.

In the Northern Territory, average values were at $410,100, the lowest price recorded in the series' nine-year history.

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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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