Residential property prices in Sydney and Melbourne have "moderated" in the June quarter, according to the Australian Bureau of Statistics (ABS).

Data from the ABS released on Wednesday indicated residential property prices fell 0.7 per cent nationally in the quarter, led by the Melbourne (-0.8 per cent) and Sydney (-0.5 per cent) property markets. 

All capital cities apart from Hobart (+0.5 per cent) and Canberra (+0.2 per cent) recorded falls in property prices in the June quarter 2019.

ABS Chief Economist Bruce Hockman said, "The falls in Melbourne were driven by detached dwellings, while attached dwellings drove the fall in Sydney".

Throughout the past 12 months, residential property prices fell 7.4 per cent in the June quarter 2019. Prices fell 9.6 per cent in Sydney and 9.3 per cent in Melbourne. 

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Hobart (+2.0 per cent) was the only capital city to record positive through the year growth.

Mr Hockman said the Sydney and Melbourne markets had seen property price falls moderate this quarter.

"A number of housing market indicators, such as auction volumes and clearance rates, have begun to show signs of improvement, though they remain below the levels seen one year earlier," he said.

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The apartment at 2703/80 Lorimer Street, Melbourne. As seen on Luxury List.

The total value of Australia's 10.3 million residential dwellings fell by $17.6 billion to $6,610.6 billion in the June quarter 2019. 

The mean price of dwellings in Australia is now $638,900. 

The total value of residential dwellings has fallen for five consecutive quarters, down from $6,957.2 billion in the March quarter 2018.

Click here to view the ABS Residential Property Price Indexes for the June Quarter.

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