The summary of price changes across the capital cities are presented in the chart, below.
Prices in Sydney declined 1.2% in Q2 to be down by 3.9% through the year. In Melbourne, prices declined for a second straight quarter, easing by 0.8% but were still 2.3% higher when compared to the same point from a year earlier.
The table, below, breaks down further the headline results for each of the nation's capital cities for Q2 and over the past year.
According to the ABS, the total value of residential property in Australia declined by 0.2% in Q2 to around $A6.927 trillion, with annual growth at 1.5%.
In constructing these indexes, the ABS draws on data provided by CoreLogic RP Data, who produce more timely results through their monthly Home Value Index series.
According to the latest CoreLogic Home Value Index for August, national property prices declined 0.3% in the month to be 2% weaker through the year.
For a comprehensive analysis of today's data, we are keenly awaiting the latest blog from Pete Wargent, a leading Australian property, economic and markets analyst. You can access his blog here; http://petewargent.blogspot.com/
