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Sydney & Melbourne house prices set to fall

05/08/2010

House prices in Sydney went up 21.4 per cent in the year to June, according to the Australian Bureau of Statistics. In Melbourne, house prices 24.3 per cent in the year to June. ANZ Property economist David Cannington said home price growth rates are expected to fall. “We don’t expect them to stay at over 20 per cent annual growth for too long,” he said.

Price growth was very uneven around the capital cities. Brisbane experienced 0.3 per cent growth in the quarter and 8.5 per cent in the year. Macquarie economist Ben Dinte said Melbourne and Sydney prices could fall in coming months. “The general trend in house prices is a moderation rather than an acceleration in house prices, we don’t expect it to be a severe correction in house prices - more like an extended period of softer growth with a flattish outcome.”

Source: Sydney Morning Herald



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