Friday, July 30, 2010

Australia turns at last

House prices hit the wall

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.

Posted by drewster @ 12:09 PM (1849 views)
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2 thoughts on “Australia turns at last

  • Damie Down Under says:

    Time to watch one of the most inflated housing market in world adjust. Please read Professor Steve Keen’s website as he seems to be one of the few economists that really understands what going on.

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  • Know of any decent sources for New Zealand housing?

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