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House prices plummet

Staff Reporter 3 minute read

Australian house values experienced the largest quarterly fall in five years during the March quarter, according to Mortgage Choice and REIA’s Real Estate Market Facts.

The report, released over the weekend, showed the weighted average median house price dropped by 2.7 per cent over the quarter to $458,488.

The weighted average other dwelling median price also fell by 2.7 per cent to $355,297.

While the quarter’s results highlighted a market in decline, houses and other dwellings still achieved annual growth of 8.3 and 8.2 per cent respectively.

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The continuing shortage of rental properties also saw rents rise in all capital cities over the quarter.

Darwin was the most expensive rental location, where rent increased by 8.9 per cent over the quarter; the vacancy rate was only 0.5 per cent.

Published: 10-06-08

House prices plummet
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