Recent Bank Survey
According to a recent bank survey, house prices Australia-wide moved very little in the March quarter for the fourth consecutive quarter in which prices generally remained unchanged.
The Commonwealth Bank Property Value Guide, which uses information obtained during the Bank's home loan application process, showed prices moved very little in the March quarter, with Queensland and Western Australia the only two states to record an increase in prices.
In contrast, the Australian Capital Territory experienced the nations only easing in house prices.
Commonwealth Bank executive general manager retail products, Geoff Austin, said national median house prices were unaffected by the rate rise or continued interest rate speculation, adding "The March 2005 quarter is the fourth consecutive quarter where national median house prices have remained stable".
Mr. Austin said house prices in Queensland rose 0.7 per cent and by 5.7 per cent in Western Australia, while ACT prices dropped 2.5 per cent. "The rest of Australia remained unchanged from the December 2004 quarter confirming the housing market had reached a plateau", he said.
The guide also showed median unit prices rose across the country, with the Northern Territory and WA the only exceptions
.