CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Australian home prices record biggest quarterly fall in 12 years

04-29-2011 14:29 BJT

SYDNEY, April 29 (Xinhua) -- Australia's capital city home prices dropped more than 2 percent over the March quarter, the biggest quarterly fall in 12 years, a new residential property survey showed on Friday.

The latest RP Data-Rismark Home Value Index showed capital city dwelling values fell by 2.1 percent over the March quarter of 2011.

The quarterly change was the steepest since the index series began in June 1999, RP Data research director Tim Lawless said.

Prices were flat in March and down 0.6 percent over the past 12 months, with the Australian city dwelling value median price at 455,000 AU dollars (495,950 U.S. dollars), the survey said.

"With household incomes growing at 6 percent per annum, interest rates potentially approaching the peak of the tightening cycle, rents increasing, and house values going nowhere, buyers are seeing an improvement in their position," Lawless said in a statement on Friday.

He said key leading indicators point towards a sedate capital growth environment for the remainder of the year.

"Clearance rates are bouncing around the low fifty percent mark each week, the number of homes being advertised for sale is almost 30 percent higher than at the same time last year, and sellers are being forced to adjust down their price expectations," Lawless said.

According to RP Data's Lawless, the tightness in the rental market combined with flat to negative change in home values is providing a boost to rental yields.

"In contrast to the fall in home values, gross rental yields have been improving with apartments and houses now delivering a gross return of 4.9 percent and 4.2 percent respectively in March 2011," Lawless said.

Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program