ABS house price falls moderate

Here are the ABS results for June Qtr house prices. All capitals fell slightly, except Sydney and Canberra, which eeked out small gains.

JUNE KEY POINTS

ESTABLISHED HOUSE PRICES

  • Preliminary estimates show the price index for established houses for the weighted average of the eight capital cities decreased 0.1% in the June quarter 2011.
  • The capital city indexes decreased in Perth (-1.0%), Adelaide (-0.8%), Brisbane (-0.3%), Melbourne (-0.1%), Darwin (-1.6%), and Hobart (-0.1%) and increased in Sydney (+0.4%) and Canberra (+1.1%).

Annual Changes (June Quarter 2010 to June Quarter 2011)

  • Preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 1.9% in the year to June quarter 2011.
  • Annually, house prices decreased in Perth (-4.1%), Brisbane (-3.6%), Darwin (-3.0%), Adelaide (-2.1%), Melbourne (-2.0%), and Sydney (-0.7%), and increased in Hobart (+2.8%) and Canberra (+2.2%)

 

Comments

  1. What is the go with Canberra? I think it will take Abbott to get in and slash the public service for that market to go down. Not that he actually will, of course.

  2. Twenty new eco depts in Canberra so no surprise there. Also, a primary workforce with a guaranteed pay cheque. Sydney is probably getting more foreign buying from what I read.

  3. Canberra property always rises with a labor govt, really big boom from 83 – 96 and didn’t kick off again till after the GST

  4. I wonder if the people who published this nonsense have recently tried to sell anything ANYWHERE. The’d get a reality check of their lifetimes! I hope they live long enough to see a sigle buyer let alone the price they asked for.

  5. Don’t forget highest median income in the country and lowest rental vacancy.
    Mood here is stable as ever. Only thing that shakes people here is as suggested the prospect of public service slashes. I don’t think Abbott would get away with it as easily as Howard did though.
    BUT, my impression is time on market has gone up sharply. Canberra won’t be immune to a correction

  6. Canberra Times 28.07.2011, Canberra propety prices down 2.8% in the last 3 months and 2.6% for the year?????????
    Can someone pls explain todays results and those from the canberra times a few days ago!

      • Cheers, still confusing. Being a tradie here in canberra and getting to know a few builders they are all saying that if their not going down at least 10% on market value there just not selling there new properties, and me also looking to buy a home to live in, have been offered discounted property from them, so i´m thinking is this a sign of things still to come, a loan of 200k rather than 300k, or should i be taking these offers up.

        • When to buy is a personal decision but it is never safe to buy on a falling market which at high worldwide prices. Renting looks very cheap with very little risk involed. There is a small risk of price increases and a huge risk of price falls. You need a strong non price reason to buy. Wait if you can.

          • Thanks for the advice! I think your right, i dont see the prices going up any time soon and would be kicking my self if the house i bought was worth as much as my loan in the next few years.

  7. Be very patient folks as I fully guarantee Aussie houses,in the longer run, will not be more expensive than those in Japan, US and Europe. All the crappola rationalles “why we are different” were incessantly trotted out over there, if you care to Google up news archives.