Weighing on the RBA in this afternoon's meeting would have been the fresh reports coming out of RP Data Rismark earlier this morning. Nationally, house prices dropped 0.8% in April which was contrary to the real estate advocates who have been saying that the market has hit a bottom already and is on it's way up. Perth dropped 0.4% in April contributing to a total of 2.8% drop in the past year.
The Australian Bureau of Statistics data which only shows the March quarter for this year was also released. In those figures, Perth recorded a 1.1% increase and a year to date decrease of 1.7% to March 2012.
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