August data for houses – an asset that “only goes up”, is starting to look a little bleak.
The RP Data Rismark Hedonic Index would suggest house prices fell in every state and territory, although it seems Hobart got missed out. House prices are falling the fastest in QLD, followed by the state that was getting ready the next mining boom, S.A.
In separate releases, the ABC indicated :
House prices in Hobart fell 7.8 per cent for the month, with the median price dropping to $300,000.
and the West Australian printed :
Real Estate Institute of WA president Rob Druitt said housing prices, which had fallen by 6 to 7 per cent from January to June, would stumble to 10 per cent when September quarter figures were released this month.
But don’t get too worried, apparently the data “at present” is “grossly misleading”.
Gavin Hegney, of Hegney Property Group, said all housing statistics at present were grossly misleading because there was activity in the bottom end of the market but no interest in the top tier, which was dragging down median prices.
It seems this would appear not to be the case previously when house prices were booming at unsustainable rates and a higher portion of sales at the higher end of town was exaggerating medium house prices in a upwards direction.
» House prices down 10pc so far this year: REIWA – The West Australian, 1st October 2008.
» Perth property market ‘remarkably resilient’ despite price fall – WAtoday, 1st October 2008.
» Property prices slump – The ABC, 2nd October 2008.