Perth booms, Sydney sags in divided property market
Housing prices in Sydney peaked in December 2003 and have since fallen 9.7 per cent. The Australian Bureau of Statistics said Sydney prices fell 1.2 per cent in the March 2006 quarter and fell by 3.1 per cent in the year to March. The price trends are reversed in Perth, where property prices are up by 51 per cent over three years. Perth house prices rose 8.8 per cent in the three months to March and 28.8 per cent in the year. Excluding Perth, national prices have not risen for 18 months. However, prices have been rising in all cities this year except Sydney, where they were flat.