Brisbane and Perth have both seen price falls of more than 3% over the last year, according to the Australian Bureau of Statistics (ABS).
The ABS is reporting that values in the two capitals fell between the end of March 2010 and the end of March 2011; Brisbane saw negative growth of 3.6% and Perth fell by 3.2%. Values rose in all other capital cities over the same period, with Melbourne and Canberra leading the way with price increases of 1.1% over the year.
Real Estate Institute of Western Australia (REIWA) president Alan Bourke warned that Perth investors shouldn't take fright at the figures.
"Much of the commentary on the Perth market in recent days has been made too early," he said. “REIWA data is showing an increase in sales trend over the first three months of the year and we estimate
that there are at least 15 per cent of settlements for the March quarter still to come in. Once this happens it is likely to push up median house prices through both volume and composition, given that
the more expensive properties take longer to settle."
The ABS figures also revealed that most of the capital city markets in Australia saw price falls in the first three months of the year: only Perth and Hobart saw minimal increases of 0.5% and 0.4% respectively.
