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Australia's housing prices have fallen - cenbank

SYDNEY: Australian house prices have fallen in 2004 since twin rate increases at the close of last year, Australia's central bank said yesterday.

Friday, July 16th 2004

Data from a variety of industry sources suggested prices fell in both the first and second quarters, driven by declines in Melbourne and Sydney, the Reserve Bank of Australia said in its latest monthly Bulletin.

"Updated measures of house and apartment prices in the March quarter and the highly preliminary data for the June quarter provide additional evidence to support the conclusion that nationwide housing prices have fallen since the December quarter of 2003," the bulletin said.

"For Australia as a whole, prices for houses and apartments appear to have fallen in 2004, with this result mainly due to developments in the two largest cities," it said.

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