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MAKING NEWS
Sat, 02 August 2008
House Prices Start to Tumble
AUSTRALIAN house prices fell in a majority of capital cities in the last few months as high interest rates brought about the weakest housing market in four years.
National house and unit prices could dive by 10 per cent next year as a prolonged real estate slowdown sets in, online real estate data group Australian Property Monitors (APM) said.
Median house prices fell in five of Australia's eight capital cities in the three months to June 30, according to APM's figures.
Perth had the biggest median house price fall, at 2.8 per cent, followed by Sydney's 2.1 per cent decline.
Hobart suffered the biggest median price dive for units - 3.8 per cent - and had the nation's cheapest capital city real estate with the median unit price at $207,568.
Brisbane's unit prices posted a 3 per cent slump and there were falls in three other capitals.
Adelaide was the only capital city not to experience a quarterly fall in house or unit prices, with both measures rising by 0.4 per cent in the three months to June.
"The June quarter housing data is the weakest we have observed since 2004," APM general manager Michael McNamara said.
"It is likely these results are the canary down the coal mine and that rapidly rising mortgage rates and a looming economic slowdown will usher in a sustained period of property market weakness."
For the year to June 30 , four capital cities posted double-digit median house price growth.
Melbourne house prices grew by a nation-leading 14 per cent to $449,888 over the year to June although Sydney still had the most expensive median house price, at $542,488.
Over the same 12 months, Darwin home unit prices climbed by a nation-beating 17.9 per cent to $324,454.
Adelaide was the only other capital city to enjoy double-digit price growth for home units, rising an annual pace of 16.9 per cent.
Sydney kept the title of having the most expensive median price for units, at $366,622, marginally ahead of Perth and Canberra.
by Stephen Johnson
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