According to the latest Residential Property Survey from NAB, Australian residential property prices have no where else to go – they have pretty much bottomed out.
National house prices fell 1.3 per cent during March, following a 2 per cent decline in prices during the December quarter of 2011.
Western Australia has managed to loose the least from it’s property values as compared with other states. WA residential property prices fell by just 0.1 per cent over the quarter.
Queensland was the poorest performer, with prices falling 2.4 per cent.
According to the NAB report, house prices across all states are expected to fall by just 0.2 per cent over the next twelve months….with hopefully the next direction in prices after this move being up.
If RBA decide to drop the cash rate further during their next meeting in May, this will make Australian Home Loans cheaper and will hopefully also boost the currently low levels of demand for real-estate.