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March quarter housing figures released today by Australian Property Monitors (APM) have revealed that property markets are suffering extensively from the recent string of rate rises.
All capital cities experienced slower than expected growth in the first three months of the year, including Brisbane, Melbourne, Adelaide and Canberra – the hot markets of 2007.
APM general manager Michael McNamara said the significant drop in growth in these markets was “remarkable” considering how heated they were in 2007.
“Property markets have historically taken time to taper off after heated price growth,” he said.
APM predicts that property markets will remain sluggish and that softer market conditions will persist throughout 2008.
Published: 30-04-08
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