Home prices of Australian capital city down 1.8% in March

Home prices of Australian capital city fell 1.8 per cent in the March quarter according to the latest RP Data-Rismark Home Value Index. RP Data research director Tim Lawless said that the numbers were being dragged down by a recent rapid build up of housing stock into the market.

“The amount of realestate being advertised for sale is about 30 per cent higher than what it was last year. The numbers were being dragged down by a recent rapid build up of housing stock into the market.  The simple fact that there’s so much stock to choose from for prospective buyers is resulting in more negotiation in the markets (and) buyers are having to sell at lower than what their expectations were. Seller were now selling properties about 6.5 per cent lower than the original asking price on average, compared with about 5.2 per cent the same time last year.  Recent extreme weather events, including the flooding in Queensland, may also be impacting on the lower numbers”  Mr Lawless said.

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