30/11/2011 - 10:14

Brisbane property price plunge passes Perth

30/11/2011 - 10:14

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Brisbane property price plunge passes Perth
FLATTENING: Perth property prices appeared to halt their downward spiral, falling just 0.8 per cent in the month of October, RP Data says.

Brisbane has taken Perth’s title of weakest performing residential property market in Australia, according to new data released today by RP Data and Rismark.

Across capital cities, home prices fell four per cent in the year to October, led by an eight per cent slump in the Queensland capital.

Perth residential values dropped just 0.8 per cent October, to take its year-on-year drop to five per cent.

Additionally, home prices in regional areas fell 3.4 per cent on a seasonally-adjusted basis, according to RP Data’s report.

Sydney was relatively steady, with a 1.1 per cent loss of value.

All capital city home prices also fell in the month of October, except Sydney, which was unchanged. Canberra and Hobart also added 1.6 per cent and 3.1 per cent, respectively, although Hobart's data was based on the final September results.

"The combination of lower interest rates, cheaper homes, and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant," RP Data director of research Tim Lawless said in a statement.

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