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Canberra house prices fell by almost 1 per cent in the first three months of 2019, as property prices slumped across every capital city. Figures from the Australian Bureau of Statistics showed a drop of 0.9 per cent during the March quarter. More than $5000 was wiped from the mean property price in the nation's capital. The mean price for a dwelling in the ACT is now $671,000, down from $676,900 in December 2018. The latest quarterly results were the lowest mean property price in the territory since the December 2017 quarter. The bureau figures also showed a drop in the total value of ACT properties. There was a drop of $300 million in the total property value in the March quarter, from $107.8 billion in December 2018 to $107.5 billion last quarter. However, Canberra house prices remained flat over the past 12 months, while most capital cities had prices fall over the year. Canberra's drop in property prices in the past quarter comes as falls were recorded across the nation. While Canberra recorded a drop in house prices, it was one of the smallest declines compared to other capital cities. Sydney prices fell 3.9 per cent and Melbourne's 3.8 per cent. Only Adelaide and Hobart recorded smaller falls - 0.2 per cent and 0.4 per cent decreases respectively. Nationally, prices were down 3 per cent and $172 billion was wiped from the property market. The total value of Australia's more than 10 million properties dropped to $6.6 trillion. The bureau's chief economist Bruce Hockman said the recent figures were not unexpected. "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," Mr Hockman said. "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." The mean house price nationally is now $636,900. It has fallen more than $60,000 in the five quarters since December 2017. The figures from the bureau comes after house prices in the national capital experienced their first annual fall in more than six years. According to the last Domain House Price Report, Canberra house prices dropped 2 per cent year-on-year to a median value of $722,440, while the median unit prices fell to $426,719.
Canberra house prices fell by almost 1 per cent in the first three months of 2019, as property prices slumped across every capital city.
Figures from the Australian Bureau of Statistics showed a drop of 0.9 per cent during the March quarter. More than $5000 was wiped from the mean property price in the nation's capital.
The mean price for a dwelling in the ACT is now $671,000, down from $676,900 in December 2018.
The latest quarterly results were the lowest mean property price in the territory since the December 2017 quarter.
The bureau figures also showed a drop in the total value of ACT properties.
There was a drop of $300 million in the total property value in the March quarter, from $107.8 billion in December 2018 to $107.5 billion last quarter.
However, Canberra house prices remained flat over the past 12 months, while most capital cities had prices fall over the year.
Canberra's drop in property prices in the past quarter comes as falls were recorded across the nation.
While Canberra recorded a drop in house prices, it was one of the smallest declines compared to other capital cities. Sydney prices fell 3.9 per cent and Melbourne's 3.8 per cent.
Only Adelaide and Hobart recorded smaller falls - 0.2 per cent and 0.4 per cent decreases respectively.
Nationally, prices were down 3 per cent and $172 billion was wiped from the property market. The total value of Australia's more than 10 million properties dropped to $6.6 trillion.
The bureau's chief economist Bruce Hockman said the recent figures were not unexpected.
"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," Mr Hockman said.
"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."
The mean house price nationally is now $636,900. It has fallen more than $60,000 in the five quarters since December 2017.
The figures from the bureau comes after house prices in the national capital experienced their first annual fall in more than six years.
According to the last Domain House Price Report, Canberra house prices dropped 2 per cent year-on-year to a median value of $722,440, while the median unit prices fell to $426,719.
Canberra property prices fell by almost 1 per cent in the first quarter of 2019.
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