Home prices declined nationally in March quarter: APM
Apr 2011.
Australia's sluggish housing market remained just that in the first
three months of this year with prices falling 0.6 per cent nationally,
according to the latest data.
Sydney prices fell marginally, by 0.4 per cent, Melbourne
flatlined and Canberra was the only capital city where median house
values actually rose in the quarter by a slim 0.2 per cent, according to
Australian Property Monitors' March quarter house price index.
Other capital cities experienced larger price slumps:
Hobart fell 2.3 per cent, Brisbane 2 per cent, Darwin 1.6 per cent,
Perth 1.1 per cent and Adelaide 0.6 per cent.
The data for Melbourne contradicts recent Real Estate Institute of
Victoria figures which show a significant 6 per cent fall, by $36,000 to
$565,000, in the city's median house price.
APM puts Melbourne's median house price in the March quarter at $563,397.
Sydney's median house price was $80,316 higher than Melbourne's at $643,713. It increased 2 per cent increase over the year.
The median price for units also fell in the March quarter
by 1.2 per cent nationally to $406,279, but was up over the year by 0.4
per cent. House prices were up year-on-year basis by 0.2 per cent, APM
said.
Similarly weak results for home values were recorded in
the first two months of this year by rival property analyst RP
Data-Rismark.