The acceleration in the declines has disappeared with the exception of Brisbane. The charts change shape from release to release, even for older quarters, due to revisions. Things look less precipitous than previously. But a 3-5% loss on top of inflation at 3.5% starts to add up to an slow-leak investment.
Sydney certainly appears to believe in a soft landing, but we only have two quarters of 0% growth from them so far. Sustaining it will be difficult, and not because property won't continue to be dear in Sydney, it will be because of access to credit.
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| Australian Change in Houe Prices September 2011 |
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