The ABS released its official House Price Index today for the December 2008 quarter. The Weighted average of eight capital cities fell 0.8% for the quarter, taking the yearly fall to 3.3%.
On the positive, the figures were better than expected. Most economists surveyed expected a 1% fall.
The fall has also slowed for the last quarter suggesting Kevin Rudd’s economic stimulus package providing more generous grants is having an effect. However, unless Rudd can continue to offer them indefinitely, it will appear as just a blip in a falling market.
» 6416.0 – House Price Indexes: Eight Capital Cities, Dec 2008 – ABS, 2nd February 2009.
» House prices fall for third consecutive quarter: ABS – The Australian, 2nd February 2009.
Sorry to say this, but the red line is plateauing. As much as I want to see the red line go to zero, it would not surprise me if turns around and starts going up. Because, you know, it’s different in Australia.