Despite the best efforts of the government to prop up the bubbling housing market, Australian Bureau of Statistics data released today show Australian house prices fell 6.7% for the year.
This result is the biggest annual fall since the index started 23 years ago.
It does appear the First Home Owners Boost has helped to slow the rate of falls and with the grant likely to be terminated on June 30, falls are likely to accelerate in the 2nd half of this year.
ยป Australian house prices fall 2.2pc in March quarter – The Australian, 4th May 2009.