House price drop largest in 7 years: REIA

December 12th,2018

House prices have seen the largest decrease since December 2011, according to the latest research from the Real Estate Institute of Australia.

REIA Real Estate Market Facts for the September quarter 2018 shows weighted average median prices fell by 1.6 per cent for houses, the most in almost seven years and by 0.8 per cent for other dwellings, their largest decline in 12 months.

REIA President Malcolm Gunning said the weighted average median price for houses for the eight capital cities decreased to $751,411 over the quarter, with prices decreasing in all capital cities except for Brisbane and Adelaide and remaining stable in Melbourne.