Oz residential prices plummet at increasing rate

Australian house prices are falling at an accelerating rate according to figures out this week from RP Data-Rismark.

Values in Melbourne and Brisbane are declining at the fastest rate with Sydney proving to be the most resilient market.

In the ten months to October, seasonally adjusted home prices in Melbourne crashed 5.8%, with only Brisbane doing worse ... residential values dropped 7.5% in the first 10 months of this year RP Data-Rismark told OPP.

Sydney saw prices down 1.4% over the same period and the national capital of Canberra appears to have done best upping its average sales values by 0.9%.

Source: OPP.org.uk