House prices fall in November, report shows

Friday 31 December 2010

Article by Mozo

House prices in Australian capital cities took a fall in November, new figures have shown.

House prices fell in November

According to RP Data-Rismark's latest hedonic home value index, capital cities saw a seasonally-adjusted drop of 0.2 per cent, while raw prices declined by 0.6 per cent, Business Spectator reported.

The news could inspire a number of Aussie home hunters to compare home loans with a view to taking advantage of the lower prices in the country's capital cities and purchasing a property.

However, Tim Lawless, RP Data research director, told the news provider that the decline in house prices has been "reasonably modest".

"Since their peak in May 2010, capital city home values have fallen by one per cent in raw terms. The rest of state areas peaked in April 2010, and have suffered a similar 0.9 per cent fall," he commented.

"In the broader scheme of things, these are fairly modest adjustments in value."

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