Australia’s housing market continues to weaken in the first half of 2011, following the Reserve Bank of Australia (RBA)’s action in hiking the key interest rate to 4.75% in November 2010, up from 3% in September 2009. RBA has kept the key rate unchanged since then.
The house price index for 8 capital cities dropped 1.87% during the year to end-Q2 2011, according to the Australian Bureau of Statistics (Austats). When adjusted for inflation, house prices actually fell by 5.28%……………………………………….Full Article: Source