Property prices still falling

by Alan Thornhill

Australians are still worried about job security – and that is affecting house prices.

A property survey, by the National Australia Bank, shows that the property market is likely to remain soft, over the coming year, with prices falling by an average of 0.7 per cent.

However, the bank notes that there is “a wide variance” between the States.

Prices are expected to fall in Victoria, New South Wales, South Australia and the Northern Territory.

However, the bank adds, property prices in Australia’s resource States, Western Australia and Queensland, are still expected to rise “modestly.”

The bank reports that house prices fell by 2 per cent – nationally – in the June quarter.

Prices in Victoria and NSW fell by 2.9 and 2.3 per cent respectively in that time.

Even in WA, prices fell by 0.6 per cent in the June quarter, while property prices in Queensland fell by 1.7 per cent.

Prices in South Australia and the Northern Territory fell by 1.6 per cent.

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Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.

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