27 Dec 2011

Brisbane leads Australia house price drop

1:49 pm on 27 December 2011

The average national house price in Australia fell by 4% in the past year, a leading report shows.

The RP Data report said 2011 was one of the worst years for the residential property market.

The steepest falls were in Brisbane and Melbourne, and while prices fell in Perth, the mining boom was expected to bolster prices there next year.

Brisbane saw the worst results, with house prices shedding 8.8% and units losing 2.4 %, the ABC reports.

Melbourne house and unit prices fell by 5.7%.

Adelaide property remained the most affordable in the country as house prices lost 5.5% and units dropped close to 4%.

Sydney home prices held their ground, with a 2.3% fall in house prices offset by a 1.1% rise in the value of apartments.

Darwin home values outperformed the rest of the country, with home values down just 0.9% and units performing slightly better.