Friday, July 30, 2010
Australia turns at last
Australian house prices have fallen for the first time in 17 months, as rising interest rates and the end of government stimulus payments crimp demand. Seasonally adjusted figures from RP Data and Rismark show an average national capital city home price fall of 0.7 per cent in the month of June. Capital city home prices were up a mere 0.1 per cent, over the June quarter. RP Data's research director Tim Lawless says he is not surprised by his index showing a fall in home prices. "I wouldn't say it's that surprising. We have been seeing the writing on the wall for some time now," he told ABC News Online.