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House prices softened considerably during the first quarter of the year, data released by the Real Estate Institute of Australia (REIA) has confirmed.
According to the REIA, house prices in Melbourne and Canberra fell the most during the quarter, while Sydney and Perth also experienced drops in values.
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Melbourne’s median house price now sits at $432,000 – 8.4 per cent less than in December 2007; Canberra’s median house price fell by 6.8 per cent to $445,000.
Other dwellings experienced price declines in all states and territories, except for Darwin where prices rose by 4.5 per cent.
Note: Data for Brisbane was not yet available.
Published: 26-05-08
