Perth house price falls hit double digits.

The Perth medium house price is now 10 percent lower at $426,000, down from $472,000 in December, the Real Estate Institute of Western Australia (REIWA) reported today.

With falls of this magnitude, the increased capital contribution from the FHOG announced by the government will disappear in a month and a half. Home buyers who are not eligible for the grant need only wait one and a bit months to get the same value as the FHOG. Is this $1.5 billion dollars down the drain?

» House prices down 10 per cent in 2008 – The Australian, 14th October 2008.