House price indexes released by the ABS today confirmed that housing markets have slowed markedly because of the ongoing rise in borrowing costs.
Nationally, the weighted average house price index increased by just 1.1 per cent in the three months to March 2008.
In specific markets, Sydney’s house price dropped by 1.5 per cent over the quarter; Darwin was not far behind with a fall of 1.3 per cent.
Perth and Hobart also experienced slight decreases in their price indexes.
Last year’s booming markets of Melbourne, Brisbane and Adelaide all managed to maintain positive growth, but at the modest rates of 4.1, 2.8 and 2.1 per cent respectively.
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