Regional variations emerge in Australian property market

Regional differences are emerging in the Australian housing market, with some regions reporting price rises and others seeing values decline.
Sydney and Canberra are seeing real estate values continue to climb, but those in Perth and Brisbane falling, according to the latest house market index.
In addition, the figures show that cheaper properties are selling better than the luxury end of the market, with interest rates and natural disasters such as the floods in January taking their toll.
According to Tim Lawless, RP Data’s research director, expensive suburbs have helped drag the overall market down.
Indeed, over the year to end April, properties in the most expensive suburbs fell 5.4 per cent. This compares to declines of 0.9 per cent and 0.5 per cent in the middle priced suburbs and cheapest suburbs respectively.
"The luxury end of the housing market is also showing its volatility. During the growth phase of the cycle the most expensive homes realised the highest capital gains," he said.
"Yet as the market cools premium home values seem to be losing steam the fastest."