The Australian Bureau of Statistics (ABS) has released its House Price Indexes: Eight Capital Cities report, finding that housing prices are continuing to decrease.

 

The report found that in the year ending in December 2011,  the new Experimental Other Dwellings Price Index fell in all capital cities with an average fall of 3.0%. In comparison, the price of established houses for the eight capitals fell by 4.4% over the same period .  

 

The ABS found that apartments, unites and semi-detached townhouses experienced a smaller drop in prices in 2011.

 

In Canberra, apartment, unit and townhouse prices fell 0.6% - the lowest annual fall out of all the capital cities. In comparison, established houses fell in price by 1.8%. 

Brisbane and Adelaide showed falls of 1.2% and 1.7% for apartments, units and townhouses, compared to falls of 5.4% and 4.5% for houses. This trend also continued in Sydney (–2.1% for apartments, units and townhouses; –3.2% for houses) and Melbourne (–4.6% for apartments, units and townhouses; –5.6% for houses). 

 

Overall, the weighted average cost of housing in the eight capital cities had increased 0.5 per cent in the March to June Quarter, while remaining 2.1 per cent lower than the same time last year.

 

The full data set can be found here