Australian house prices dip in april

HOUSE property values fell in all Australia's capital cities in April. Sydney's fell 0.3 per cent to a $667,500 median, the third lowest fall. The city had a 0.6 per cent drop during March.

''The magnitude of the corrections are not extreme, and is not a cause for alarm at this stage,'' a Residex forecaster, John Edwards, said. ''But it is very unusual to see the total market in a correction phase.''

The last time all the capital cities were in a downturn was June 2008, during the global financial crisis. Before that it was June 1990, when Australia was heading into recession.

''Both times before, the reasons for the downturn were much more obvious,'' Mr Edwards said.

Hobart recorded the biggest April fall of 2.3 per cent to a $380,500 median. Residex said Hobart was a very small market that was more susceptible to adjustment than other capitals. 

Source: SMH.domain.com.au