RP data today released its February update to the RP Data‐Rismark Hedonic Home Value Index showing national city prices fell 1.3 percent seasonally adjusted for the three months to February.
All capitals recorded falls in house prices except Sydney which increased just 0.3 percent. Darwin lead the falls, recording a 9 percent fall for the three months. Hobart fell 4.5 percent after being the only state to report price increases last month, Brisbane declined 3.3 percent, Canberra 2.5 percent, Perth 1.9 percent, Melbourne 1.8 percent, and Adelaide 1.0 percent.
Last month RP Data Research Analyst Cameron Kusher said “It’s [January] the biggest fall in values that we’ve ever seen on a monthly basis so while we’re not pressing the alarm bells yet we will wait and see what the February results actually tell us”.
We wonder if it is now time to press the alarm bell?
This month, Cameron Kusher said “Auction clearance rates have been a little weak, the number of homes advertised for sale is at the highest level it has been since we started collecting this data, and other lead indicators, such as the time it takes to sell a home, and the margin by which vendors have to discount their properties, are climbing again after reaching a plateau in recent months,”
» RP Data National Press Release – RP data, 31st March 2011.
» House prices flat in Australian capital cities as market cools: survey – The Australian, 31st March 2011.
i disagree…the alarm bells have been ringing for a while, now some of us are stuck in the building with the fire roaring in front of us…
No, not yet.
The alarm bells have been ringing but few have been listening. Prices have just started to fall – we have a LOOONG way to go yet…. I hope. Just hope the government doesn’t pull out all stops to reinflate the bubble.
I think we’ve been landing, before the ringing the alarm bells wait and see if the landing gear works first. In this new wonderful world of bailout and stimulus packages/policies anything can happen. Australia still is being afforded a lot of credit, or foreign investments.
There have been some crashes around the country, small percentage decreases aren’t everywhere, some had bigger ones. Still the gut feeling isn’t good.