House prices continue decline
By
Adam Smith
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14/07/2011 5:00:00 AM
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House prices have continued to soften in the June quarter, with rental growth slowing as well.
The NAB Quarterly Residential Property Survey has shown a 2% nationwide decline in house proces for the June quarter, following a 1.1% drop in the previous quarter. Queensland has seen the largest decrease, with prices falling 3.7%. SA and NT followed, both recodring 2.7% drops.
The survey also recorded a "notable deterioration" in house proce expectations since the previous quarterly survey. The March quarter survey showed that house prices were expected to rise 0.6% over the following 12 months. However, the June survey has predicted a decline of 1.4%. Continued price drops are expected in all states except WA. NAB has predicted a recovery in house price growth by June 2013, with modest 0.5% appreciation.
Rental rates remained in positive territory, though growth slowed from 1.7% in the March quarter to 1.3% in the June quarter.
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