Australia: Housing Market Slowing

March 2008 Quarter Housing Data from homepriceguide.com.au showed a significantly slower than expected start to the Australian 2008 property market in all state capitals:

Sydney
Sydney house values recorded no change for the March quarter despite 5 per cent growth over the
previous 12 months. Apartment values eased significantly, by 2 per cent, over the March quarter.

Canberra
Canberra house values recorded no change for the March quarter despite 10 per cent growth over
the previous 12 months. Thgere was a decline of 3 per cent in apartment prices - the most significant drop in a decade.

Melbourne
Melbourne experienced heavy slow down in price growth, despite an 18 per cent increase in values
in the previous 12 months. No change in values was recorded for either houses or units in the March quarter, suggesting the prospect of a sluggish year ahead.

Brisbane
Brisbane house values increased by 2 per cent in the march quarter, compared to 18 per cent growth over the previous 12 months. There was a decline of 2 per cent in apartment prices.

Adelaide
The heat is rapidly coming out of Adelaide’s property market, despite 20 per cent increase in values
for houses and units in the previous 12 months. House values grew by a subdued 3 per cent and unit values grew a modest 1 per cent for the March quarter.

Perth
Perth property market recorded flat growth for houses and units for the March quarter. A decline of 10 per cent or more is forecast for some Perth suburbs.

Median House Prices
March Quarter 2008