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Brisbane house prices plummet, says ABS

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Brisbane house prices saw the biggest drop of the state capitals over the September quarter, according to latest figures from the Australian Bureau of Statistics (ABS).

The ‘House Price Indexes: Eight Capital Cities’ for the quarter found the Queensland capital’s house prices fell by a significant 2.5 per cent.

The city’s median figure dropped across almost all price brackets.

Australia-wide, a decrease was reported across all capital cities in the September quarter, with an average drop of 1.2 per cent.

“Preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased by 2.2 per cent in the year to the September quarter 2011,” the ABS report said.

Sydney reported the smallest decrease, at 0.2 per cent over the past three months, and 0.3 per cent over the year.

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