NSW home values fell $500 a day over June quarter: ABS

The latest data from the Australian Bureau of Statistics (ABS) showed the mean price of residential dwellings fell $18,900 to $921,500 over the three months to June.

This equates to a valuation drop of approximately $6,300 a month or $210 a day.

The preliminary estimate of the total value of residential dwellings in Australia in the June quarter 2022 was $9,983.4 billion, down $162.4 billion from $10,145.8 billion in the March quarter 2022. This is the first quarterly fall in the total value of residential dwellings since the June quarter 2020.

In the June quarter 2022, the total value of residential dwellings fell in NSW, Victoria, Tasmania and the ACT.

The value of residential dwellings in NSW this quarter was $3,939.8 billion, approximately 39.5 per cent of the total value of dwellings in Australia.

The mean price of residential dwellings in NSW fell by $46,400 to $1,177,700 during the June quarter 2022 and was the highest in the country. This equates to a price drop of approximately $15,467 a month or $515 a day.

The second-highest mean price was in the ACT ($991,500), followed by Victoria ($938,900).

The lowest mean price ($542,100) was in the Northern Territory.

The ABS figures came after new data from property data and analytics business CoreLogic found that national property prices were down 1.6 per cent over the month of August, the largest month-on-month decline since 1983.

The figure marked the fourth month in a row in which property values have fallen.

“It’s hard to see housing prices stabilising until interest rates find a ceiling and consumer sentiment starts to improve,” CoreLogic’s research director Tim Lawless said.

“From current levels, interest rates are likely to increase by at least another 75 basis points and there is a good chance advertised stock levels will accumulate through the spring selling season, providing more choice for buyers and adding further downwards pressure on housing values.”