Australia's property market stabilises

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While the outlook remains uncertain, Australia's property market showed signs of stabilising, according to a new report.

The latest Real Estate Institute of Australia/Mortgage Choice Market Facts report revealed that over the three months to December 2008 the housing market as a whole has held steady, thanks to the drastic rate cuts by the Reserve Bank of Australia (RBA) and the government incentives.

Four out of eight capital cities recorded no change or an increase in median house prices over the quarter, according to REIA president Noel Dyett.

"This is a big improvement compared to the previous quarter when only one capital city recorded an increase in median house price. Market response to the actions of the RBA and the government has seen falling prices around the country stabilising in the December quarter, propped up by the activity at the lower end of the market. It is the top end of the market, in the so-called blue ribbon areas, where there is a lack of demand and property prices continue to slide."

Overall, the weighted average median house price fell by 1.3% to $442,038 over the quarter. The weighted average median price for other dwellings including units fell by 0.3% to $353,575.

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