Speculation that Australia's drawn out residential property boom may have finally fizzled was substantiated by an Australian Bureau of Statistics ABS report that notes the biggest fall in house prices in 18 years.
Although the ABS observed a 10.9 % average price increase over the year- the slowest annual growth since June 2001- house prices in the nation's capital cities tanked by average of 1.2% in the June quarter. According to the bureau, the fall in prices was the first fluctuation into the red for four years and the biggest since official property statistician began in 1986.
The news will not come as shock to residential and...
