Australian property fell further in August, but a widespread collapse in property prices is not on the cards, according to Residex. Data for August released by Residex yesterday showed the average Australian house value fell by 1.3 per cent over the three months to August; units rose in value by 1.4 per cent. Annual growth now sits at 6.2 per cent for houses and 7.2 per cent for units. John Edwards, chief executive of Residex, said the figures showed that “while property sales are down, the values are not falling away significantly”. Mr Edwards said it was more a case of the market positioning itself for a “soft landing” after “unsustainable” levels of growth over the past couple of years.
Published in Mortgage Business Bulletin: 19-09-08
