The decline was driven, according to the ABS, thus:
"The falls in residential property prices were led by the Sydney (-2.2 per cent) and Melbourne (-2.3 per cent) property markets.
House prices fell 2.6 per cent in Sydney and 2.8 per cent in Melbourne, while attached dwelling prices fell 1.4 per cent in Sydney and 1.0 per cent in Melbourne."
The mean dwelling prices by state and territory followed the same pattern.
Transaction levels were very low, but as far as could be estimated the value of the dwelling stock of 10.52 million dwellings declined in value by about $100 billion to $7.14 trillion.
More timely data from CoreLogic suggests that prices have essentially now stopped declining, except in Melbourne where falls have continued due to the ongoing lockdown.
