Australian house prices continue to fall
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Australia’s housing market continues to weaken, despite its strong and resilient economy. The house price index for 8 capital cities dropped 2.1% (-3.2% inflation-adjusted) during the year to end-Q2 2012, according to the Australian Bureau of Statistics (Austats). House prices in Australia have been falling since Q2 2011.
During the year to end-Q2 2012, six of the eight capital cities have seen their house prices falling. Melbourne recorded the biggest house price fall of 4.8%, followed by Hobart (-3.2%), Brisbane (-2.7%), Canberra (-2.6%), Adelaide (-1.3%), and Sydney (-0.9%). In contrast, house prices rose in Darwin (10.3%) and Perth (1.1%) over the same period.
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