Established house prices, Weighted average of eight capital cities - Quarterly % change
Established house prices, Quarterly % change - September quarter 2011
SEPTEMBER KEY POINTS
ESTABLISHED HOUSE PRICES
Preliminary estimates show the price index for established houses for the weighted average of the eight capital cities decreased 1.2% in the September quarter 2011. The capital city indexes decreased in Melbourne (-1.7%), Brisbane (-2.5%), Perth (-1.3%), Sydney (-0.2%), Adelaide (-0.9%), Canberra (-2.0%), Hobart (-1.0%) and Darwin (-0.4%).
Annual Changes (September Quarter 2010 to September Quarter 2011)
Preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 2.2% in the year to September quarter 2011. Annually, house prices decreased in Brisbane (-5.2%), Darwin (-4.4%), Perth (-4.2%), Adelaide (-3.2%), Canberra (-2.2%), Melbourne (-2.1%), Sydney (-0.3%) and Hobart (-0.3%).
So much for Apex's predictions in this thread (http://australianpropertyforum.com/topic/9188290/) of 10% national falls! So much for Raves and Earthsta's prolific proclamations of massive price falls that supposedly have been well underway for many months now?? Looks like the bears will have to cancel the "crash is here" party again......
Like Shadow, this data is even a bit better than I was expecting.
That's it? Even I was expecting greater falls than that!
Sydney down -0.3% after rising more than 20% since 2009?
Wow, if these declines continue like this for another twenty years, almost half of my post-GFC gains will be wiped out!
LOL, where's the crash, bears? :laugh:
Yeah laugh it up idiot this is just the start of the falls, you can easily expect another 20 years of this and the falls will accelerate.
Meanwhile, sales volumes are through the floor and in the real world house prices are collapsing fast, never mind what these crappy statistics say.
New house sales slump to 10-year low
Chris Zappone November 1, 2011 - 11:22AM
New house sales fell in September, falling to their lowest monthly level in more than a decade.
New homes sold in September dropped by 3.5 per cent, following a 1.1 per cent rise in September, according to the Housing Industry Association - Jeld Wen report. Sales of new houses - excluding apartments and town houses - fell by 3.3 per cent in the month taking them to the lowest level since December 2000, with about 5000 houses changing hands. Sales of new apartments and town houses dropped 5.5 per cent.
"The September figures highlight the present soft conditions facing new home building and reinforce the importance that the RBA Board calls it right today by cutting interest rates," said HIA acting chief economist Andrew Harvey.
The Reserve Bank will reveal its decision on interest rates at 2.30pm AEDT, with most economists and markets tipping that the central bank will cut the cash rate to 4.5 per cent from 4.75 per cent where it has been for a year.
The housing and construction markets have been in the doldrums through most of the year with would-be buyers remaining cautious about taking on loans in the face of economic uncertainty and the lack of clear direction for interest rates. Before the share market plunges of August, most analysts predicted the RBA would lift the cash rate to contain inflation pressure. That expectation helped keep borrowing and spending in check.
Although house sales rose by 5.7 per cent in September in Queensland, where the state continues to bounce back from the January flooding, they fell in the other capital cities, the HIA said. In Victoria new house sales dropped the most, or 6.6 per cent in the month.
Softer sales have coincided with weaker home prices. In data released yesterday, capital city home prices fell 0.2 per cent in September after falling a 0.4 per cent in August, according to property research group RP Data-Rismark. It marked the ninth consecutive monthly fall in home prices in the RP Data measure
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