Unit prices tumble, houses bear up

Sydney inner-city units have fallen 12 per cent in the last 12 months and their median price of $422,500 is now below the level a year ago, Commonwealth Bank figures show. Suburban units have also lost value although their prices are higher than a year ago. House prices have declined by 2-5 per cent in Sydney's eastern suburbs, the lower North Shore and the northern beaches over the past three months. CBA's Geoff Austin said there had been no change in the bank's lending policies which could have distorted the figures. In the main, house prices have been holding up better than units, he said. Unit prices have also dropped in WA, the ACT and Tasmania over the past few months but Queensland prices have risen. There was no change in Victoria.