Biggest fall in housing prices in 23 years – BOS

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The Bureau of Statistics released its survey of detached housing this week which revealed
prices fell 6.7% across Australia (except Hobart and Darwin) for the 12 months to March
30. This is the biggest drop in the survey’s 23 year history. Perth dropped 10.1% and
Sydney 7.3%. Melbourne dropped 6.7%, Canberra 5.1% and Adelaide just 1.9%. Take
out the positive effect of the First Home Buyers Grant and the drop for mid level homes
would have been far greater.