Insofar, the Housing prices are starting to show some stability as run of declines easing. According to Spiros Papadopoulos, a Senior Economist at NAB, “An additional expected interest rate cut will help to further support prices in H2 2012 – if you believe the data, house prices are starting to stabilize after the interest rate cuts since November 2011.”
These gains were led by Melbourne (+1.4%) and Sydney (+1.2%), whilst posting gains of over 1% for the second consecutive month. The city of Darwin (+6.5%) being the only other city to post an increase in July. All other capitals recorded falls in July, with Adelaide the biggest at -2.5% in the month. However, the data is volatile on a month-to-month basis, so looking at the year thus far provides a more reliable picture of where prices are really at.