Perth property market runs hot
Data published by Australian Property Monitors suggests that nationwide, average house prices remain fairly stable. The APM composition adjusted measure quoted by the RBA shows that Australia wide, prices fell by 0.8 per cent in the September 2005 quarter, but increased by 0.5 per cent over the year to September. Separate data compiled by Residex and quoted by the RBA show a similar trend. APM found that the median house price in Sydney dropped by 1.5 per cent over the September quarter and fell by 4.3 per cent over 12 months. House prices in Sydney are down by 8.9 per cent from the peak recorded in the March 2004 quarter, according to APM.
House prices are also in decline in Canberra (down by two per cent over the last quarter). However, house prices increased by more than two per cent in Perth in the last quarter, with prices for flats jumping by six per cent.