Property prices in australian capital cities still falling

The average price of residential properties in Australian capital cities fell 1.2 per cent in the third quarter of 2011 compared with the previous quarter, the latest figures from the Australian Bureau of Statistics show.

Prices fell in all eight cities surveyed. The biggest declines were in Brisbane at 2.5 per cent, and the smallest was in Sydney at 0.2 per cent. Perth house prices declined by 1.3 per cent, Adelaide fell by 0.9 per cent, Canberra fell by 2 per cent, Hobart fell by 1 per cent per cent and Darwin fell by 0.4 per cent.

Year on year, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased 2.2 per cent. Darwin was down 4.4 per cent, Perth 4.2 per cent, Adelaide 3.2 per cent, Canberra 2.2 per cent, Melbourne 2.1 per cent, Sydney 0.3 per cent and Hobart 0.3 per cent.

Source: Property Wire