Australian residential property prices have bottomed out, according to NAB’s latest Residential Property Survey.
National house prices fell 1.3 per cent in March, following a 2 per cent drop in the last quarter of 2011.
Western Australia performed the best, with prices falling by just 0.1 per cent over the quarter.
Queensland was the poorest performer, with prices falling 2.4 per cent.
According to the report, national house prices are expected to fall just 0.2 per cent over the next year – suggesting the property market has bottomed out.