Monday, May 4, 2009

Perth House Prices Drop 10% in past year

Australian Bureau of Statistics has released new house price figures that show a 3.6% drop in the value of houses in Perth for the January to March 2009 quarter and a drop of 10.1% over the past year. Around the country, the drop in house price was an average of 6.9%.

Sydney -2.9% -7.3%
Melbourne -2.3% -6.7%
Brisbane -1.1% -6.3%
Adelaide -0.8% -1.9%
Perth -3.6% -10.1%
Hobart 0.1% 0.6%
Darwin 2.2% 10.8%
Canberra 0.5% -5.1%

With the possibility of the first home owner grants being removed, there is a chance that this trend will reverse only in the next quarter and house prices freefall after June.

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