| From Smartcompany.com.au: Property research company Australian Property Monitors has predicted house prices will fall 10% across the nation in the next 12 months as a result of high interest rates and the looming economic slowdown.
The firm's median house prices statistics for the June quarter revealed that Sydney house values dropped by 2.1% during the quarter, while Perth houses slipped 2.8% and Melbourne fell 0.6%. Brisbane fell 1.3% and Canberra prices slipped 0.6%.
The only bright spots were Adelaide, where prices increased 0.4% during the quarter, and the smaller markets of Hobart (up 0.2%) and Darwin (up 0.9% markets).
“The June quarter housing data is the weakest we've observed since 2004. This quarter we recorded widespread falls across Australia's major capitals, and we expect this trend to continue,” APN general manager Michael McNamara says..... Full Article: Source
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