Tuesday 21st June 2016 - 1:05 pm

Apartment prices ease as elections approach

by Alan Thornhill

Apartment prices fell – by 0.2 per cent – early this year for the first time since the September quarter of 2012.

 

The Bureau of Statistics said the fall was registered on its Residential Property Price Index.

 

It occurred as the July 2 elections approached.

 

The index covers the nation’s eight capital cities.

 

The bureau said attached dwellings, such as apartments, largely drove price falls.

It said the attached dwellings price index fell 0.8 per cent in the March quarter.

 

Falls were recorded in Melbourne (-1.3 per cent), Sydney (-0.6 per cent), Perth (-1.1 per cent), Canberra (-1.1 per cent) and Adelaide (-0.4 per cent).

 

But there were also rises.

 

In Brisbane apartment prices rose 0.7 per cent, Hobart prices rose  2.3 per cent and those in Darwin rose 0.1 per cent.

Established house prices for the eight capital cities were flat.

The total value of Australia’s 9.7 million residential dwellings increased $15.4 billion to $5.9 trillion.

 

 

The average price of dwellings in Australia is now $613,900.


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