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National housing markets recorded their weakest quarter in four years in June, with widespread falls in values recorded across all capital cities by Australian Property Monitors (APM).
Sydney experienced a 2.1 per cent fall in the June quarter – its largest fall in house prices since 2004; in Perth house values declined at 2.8 per cent for the quarter
Unit prices fell in Brisbane by three per cent.
APM expects national prices to continue to dip by up to 10 per cent over the next 12 months.
“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,” Michael McNamara, general manager of APM, said.
Published: 30-07-08
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