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================================= http://news.smh.com.au/breaking- ... -20090130-7tm2.html ================================== January 30, 2009 - 1:54PM =============================== House prices in Victoria have fallen almost 10 per cent in a year and the number of sales plunged about 25 per cent, new figures show. The Real Estate Institute of Victoria (REIV) on Friday released figures for the December 2008 quarter that showed prices dropped 0.9 per cent in the three-month period. Comparing the figures to the December 2007 quarter showed the median price of properties fell an average 9.7 per cent across the state. The median house price was $426,000 in the final three months of last year compared to $472,000 a year earlier, the figures show. House prices in the 12-month period fell about three per cent in the lower price bracket and 12.2 per cent for higher-priced properties. The number of property sales also fell dramatically, down about 25 per cent in the 12-month period. "The economic conditions, the uncertainty, the lack of confidence has had a greater affect on the number of transactions than on prices," REIV chief Enzo Raimondo said. Melbourne suburbs that defied the trend included Craigieburn, Deer Park, Ferntree Gully, Boronia, St Albans and Thomastown |
