The largest real estate markets in Australia are still in free fall: prices in one big city fall by more than 10 percent in one year.
Despite record low interest rates, median home prices fell in each capital during the March quarter, data from the Australian Statistical Office showed that were released on Tuesday.
In the year to March, property values fell in six of Australia's eight capitals.
Melbourne is now Australia's worst performing major city with values falling 10.3 percent in the year to March, with prices sinking to $ 655,000 (pictured is Flinders Street Station in Melbourne)
Australia's largest real estate markets are still in freefall with prices in a large city that has fallen by more than 10 percent in one year
Melbourne is now Australia's worst-performing major city with values falling 10.3% in the year to March, with prices falling to $ 655,000.
In Sydney, the median house price fell by 7.4 percent to $ 847,000.
Weaker real estate prices in Sydney have also caused the stamp tax in New South Wales to fall by 17 percent, according to recently published Budget documents.
The number of sales of real estate in Sydney during the March quarter was the weakest, as the data on this were not kept until March 2002.
Sydney and Melbourne were far away from Australia's only struggling cities, with prices falling 4.2 percent in Darwin to reach $ 472,500, as median values in Perth fell at an annual rate of 2.7 percent to $ 490,000 .
Hobart was by far the best-performing housing market in the country, with prices rising 4.6 percent in the year to March to $ 465,200.
Weaker real estate prices in Sydney (photo) have also caused stamp income in New South Wales to fall by 17 percent, recently released Budget documents
However, prices fell by 0.4 percent in the Tasmanian capital in the March quarter.
The opening three months of 2019 were less friendly to Melbourne, where median house prices fell by 3.9 percent when the equivalent values of Sydney fell by three percent.
The official data of the housing indexes were announced on Tuesday, when the Budget documents from the NSW government revealed that the falling real estate prices had reduced the income from stamp duties for 2019-20 by 17 percent, from $ 8,333 billion to $ 6,887 billion.
The tax on property buyers accounts for eight percent of sales in Australia's largest state.
On mainland Australia, Adelaide was the only capital where median house prices rose, while values rose 0.8 percent to $ 470,000.
However, prices fell by 0.2 percent on a quarterly basis.
Sydney and Melbourne were far away from Australia's only struggling cities, with prices falling 4.2 percent in Darwin (photo) to reach $ 472,500
Average Brisbane home prices fell by 1.5 percent to $ 530,000 in the March quarter, which was steeper than the annual 1.3 percent decline, following some price increases in 2018.
Canberra's equivalent house value was $ 690,000 on an annual basis, but fell by 0.9 percent in the March quarter, partly due to a number of price increases last year.
House prices in Sydney and Melbourne have suffered record falls since 2017, when the Australian Prudential Regulation Authority tightened the rules for interest-only and investor loans.
The Reserve Bank of Australia at the earliest this month lowered interest rates by a quarter of a percentage point to 1.25 percent, a new record level.
The central bank's financial stability leader, Jonathan Kearns, pointed out on Tuesday that the percentage of home loan arrears with their mortgage repayments has risen to the highest level since the global financial crisis ten years ago.
& # 39; The share of housing loans from backward banks is now around 2010, the highest level since many years, & # 39; he told at a top of the real estate council in Canberra.
& # 39; But the backlog is still far below the level reached in the recession in the early 1990s. & # 39;
Median values fell at an annual rate of 2.7 percent in Perth (photo) and reached $ 490,000
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