House Prices Fall

Property values fell in most Australian cities including Melbourne according to RP Data.

Melbourne property values declined 2% over the 12 months to 30 June 2011 and recorded 0.1% drop in in June. Sydney home prices performed best recording a 0.5% gain for the year despite a 0.2% fall in the month of June. Sydney was the only capital city to have a rise in home prices over the year to June 30 while Melbourne’s decline was modest compared to other capitals. Brisbane's property market suffering the worst decline with prices falling 6.3%, Perth property prices fell 4.7%, Adelaide’s 3.1 % and Hobart property fell 2.8%.

RP Data showed home values were down 1.8% in the March quarter with the biggest falls in January.