Home Prices Fall Quickly In Australia
The fall in home prices has spread to Melbourne in the last three months, the Advertiser tells us. "Melbourne's median house price has dropped by nearly five per cent in the last quarter, according to figures from the Real Estate Institute of Victoria."
"The median price over the March quarter was $352,000 down 4.9 per cent in the December quarter (2004). Unit and apartment prices also recorded a median price fall of 5.0 per cent over the quarter."
The price decline affected other colorfully named towns. "Geelong's median price showed a modest increase of 1.1 per cent to $273,000, however this meant a decline of 7.5 per cent over the year. Bendigo's median house price dropped 4.2 per cent, but recorded a rise of 2.4 per cent over the past 12 months.