http://www.heraldsun.com.au/news/housing-market-worst-in-the-nation/story-e6frf7jo-1226104590844
Melbourne Housing market worst in the nation
Last Updated: August 13, 2011
Melbourne's property market is weakening. The Sunday Mail (Qld)
MELBOURNE has the worst-performing housing market among Australian capital cities.
Data for the June quarter shows Melbourne property prices fell more than those in any other capital.
And prices are tipped to fall further, with experts warning an interest rate rise would pour more cold water on the market.
RP Data-Rismark statistics show Melbourne property prices fell 1.6 per cent for the June quarter and almost 4 per cent this year.
RP Data research director Tim Lawless said Melbourne house prices were correcting, not crashing.
"Prices went too high, too fast. We are now finding Melbourne is weakening at a faster rate than other capital cities," Mr Lawless said.
The data shows house prices fell in all capital cities in June.
CommSec economist Savanth Sebastian expects housing markets to stay flat for the rest of the year.
Melbourne apartments are proving a safer haven, with prices down 3.4 per cent this year compared with 4.4 per cent for houses.
Melbourne Housing market worst in the nation
Last Updated: August 13, 2011
Melbourne's property market is weakening. The Sunday Mail (Qld)
MELBOURNE has the worst-performing housing market among Australian capital cities.
Data for the June quarter shows Melbourne property prices fell more than those in any other capital.
And prices are tipped to fall further, with experts warning an interest rate rise would pour more cold water on the market.
RP Data-Rismark statistics show Melbourne property prices fell 1.6 per cent for the June quarter and almost 4 per cent this year.
RP Data research director Tim Lawless said Melbourne house prices were correcting, not crashing.
"Prices went too high, too fast. We are now finding Melbourne is weakening at a faster rate than other capital cities," Mr Lawless said.
The data shows house prices fell in all capital cities in June.
CommSec economist Savanth Sebastian expects housing markets to stay flat for the rest of the year.
Melbourne apartments are proving a safer haven, with prices down 3.4 per cent this year compared with 4.4 per cent for houses.
