Storm clouds overshadowing the Australian Residential Property Market show no signs of abating. The rain has settled in and appears to be here for the medium term.
Today’s monthly release from RPdata shows house prices across the country fell a seasonally adjusted 0.3 percent in April. Perth lead the falls recording a 1.8 percent drop for the month, followed by Adelaide with a 1.2 percent drop.
National house prices have fallen 1.2 percent for the three months to April.
Also released today is building approvals for April. The ABS figures show total dwelling approvals fell a seasonally adjusted 1.3 percent in the month of April, contributing to an annual fall of 11.5 percent.
» RP Data‐Rismark Hedonic Home Value Index – April 2011 Results – RP Data, 31st May 2011.
» 8731.0 – Building Approvals, Australia, Apr 2011 – The Australian Bureau of Statistics, 31st May 2011.
hahahaha…hahaha…haha….hehehe…hehe…sorry I have the giggles….hehe
Don’t giggle for too long. I sense a tremor in the force : Some beauracrat in Canberra is getting ready to blow all our tax dollars on another First Home Vendors Boost.
Oh the shortage will drive the prices up further, quick get in why you can, last chance to secure your financial future. Real estate has hit bottom and will go back up now. Really, Yoda think not.
This is going to grind on and on and on. Where’s Wayne, he’s our man. Call the big red, she’ll promise anything.
Is there an index set up yet where an investor can get some moolla on this puppy.
What’s the inflation rate in reality – about 5-7% so the falls are looking a bit larger now. Double whammy.
Yoda say – – – Sinking ship better seen from land than from ship. Passengers on ship will find out lifejackets were all used up in last two years. Happy swimming home owners.
I think this will be the pattern going forward, small falls every month adding up to a hefty fall over the next 3-4 years; similar to what happened in the UK and US.
The important thing is to not be taken in by the mainstream media line that now is the time to pick up a bargain, that time is a few years away yet…
jo hockey says that unaffordable housing is now the fault of the looming carbon tax! full marks for creativity, jo.
http://brisbanetimes.domain.com.au/real-estate-news/hockey-australia-faces-housing-affordability-crisis-20110531-1fe6n.html
I agree with some of the sentiments already stated, and that is prices have even further to fall, and a few months, if not a year away ( or maybe more ) before they bottom out. Thats unless the present government pulls out some stimulus package. I don’t think they will, and hopefully this madness for the moment has subsided, and hard working Australians can aspire to their own modest home, without feeling they are in a high end gambling game with super high stakes.