Updated
Home prices have eased an average of 1.5 per cent over the past year in capital cities (User submitted: David Flannery, file photo)
The nation's most expensive suburbs have led a fall in home prices over the past month, quarter and year.
RP Data - Rismark's Hedonic Home Value Index shows home prices in the capital cities eased a further 0.3 per cent in April, 1.2 per cent over the April quarter, and 1.5 per cent over the past year, seasonally adjusted.
The median dwelling price in Australia's capital cities is now $468,000, with Sydney the highest at $515,000 and Hobart the lowest at $315,000.
House prices outside the capitals fell 0.6 per cent in April, 1.5 per cent over the April quarter, and 1.8 per cent over the year to April, with the median price at $325,000.
However, the steepest price falls generally occurred in the most expensive city suburbs.
Over the year to April, dwellings located in the most expensive 20 per cent of suburbs had an average fall of 5.4 per cent.
In contrast, properties in the lowest-priced 20 per cent of suburbs have performed best, with an annual fall of 0.5 per cent.
The 60 per cent of suburbs in between saw annual price declines of 0.9 per cent on average.
Rismark's joint managing director Christopher Joye says the top end of the property market is prone to bigger price swings in both directions.
"The uber-luxury segment is risky and highly illiquid and has had the rug whipped from under it via a combination of the soaring Aussie dollar and the enormous destruction of wealth in Australia's volatile share market," he noted in the report.
"A final fly in the ointment is the much lower growth - and pay packets - expected in the financial services industry going forward. Luxury homes in areas like Sydney's eastern suburbs will continue to face valuation headwinds as banks deal with the new normal of subdued credit growth."
Canberra had the best performance for home owners in the three months to April, with prices rising 0.8 per cent.
Prices eased over the April quarter in every other capital, with Darwin down 0.2 per cent, Sydney down 0.5 per cent and Melbourne down 0.8 per cent.
The steepest falls continued to be in Brisbane and Perth, which slumped 3.1 and 3 per cent respectively.
Adelaide prices slipped 2.3 per cent, and Hobart 2 per cent.
RP Data's research director Tim Lawless says Perth and Brisbane got very close to Sydney prices before the financial crisis, but have since pulled back dramatically.
"Brisbane's median house price is now 24 per cent lower than Sydney's and 14 per cent lower than Melbourne's. Pre-GFC the gap between Brisbane and Sydney dwelling prices was as narrow as 6.4 per cent," he explained in the report.
"Perth dwelling prices are now 18 per cent lower than Sydney's and 8 per cent lower than Melbourne's. At its narrowest, the gap between Perth and Sydney prices was just 2.3 per cent.
"The improved buying proposition in these cities should help support buyer sentiment, which has been very weak since the financial crisis."
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Chat about this story w/ TalkitaSource: http://www.abc.net.au/news/stories/2011/05/31/3231508.htm
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