Canberra’s drop in property prices in the past

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Canada Goose Outlet The figures from the bureau comes after house prices in the national capital experienced their first annual fall in more than six years.However, Canberra house prices remained flat over the past 12 months, while most capital cities had prices fall over the year.Canberra’s drop in property prices in the past quarter comes as falls were recorded across the nation.While Canberra recorded a drop in house prices, it was one of the smallest declines compared to other capital cities. Sydney prices fell 3.9 per cent and Melbourne’s 3.8 per cent.Only Adelaide and Hobart recorded smaller falls 0.2 per cent and 0.4 per cent decreases respectively.Nationally, prices were down 3 per cent and $172 billion was wiped from the property market. The total value of Australia’s more than 10 million properties dropped to $6.6 trillion.The bureau’s chief economist Bruce Hockman said the recent figures were not unexpected.”These results are in line with soft housing market indicators, with sales transactions and auction clearance rates lower than one year ago, and days on market trending higher,” Mr Hockman said.”A continuation of tight credit supply and reduced demand from investors and owner occupiers has contributed to weakness in property prices in all capital cities this quarter.”The mean house price nationally is now $636,900. Canada Goose Outlet

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