Property prices tank nationwide

Preliminary research by Australian Property Monitors shows Australian house prices fell 6 per cent in the September quarter. Melbourne house prices were down by 10 per cent in the quarter, Sydney fell by 5 per cent, Canberra by 8 per cent and Brisbane by 3 per cent in the period. House prices in Perth fell by 5 per cent and values in Adelaide remained unchanged. The Australian Bureau of Statistics – which measures sales data based on older data, found Australian house prices grew 0.3 per cent in the September quarter. The ABS says only Sydney and Canberra recorded price declines in the period. In another sign of the passing of the property boom, APM said said the volume of house sales in Sydney and Melbourne was down by 25 to 30 per cent on the same time last year.