SQM's take on falling prices...

Not sure why people don't use SQM's vendor sentiment index more, it's an enlightening resource which shows the uneven nature of the housing market recovery.

It shows asking prices across the cities for the past 12 months:

Houses

-Sydney +5.4%

-Melbourne -1.1%

-Perth +6.1%

-Darwin +8.0%

-Adelaide +0.2%

-Brisbane -0.7%

-Canberra -4.6%

-Hobart -2.6%

Units

-Sydney +4.9%

-Melbourne -0.6%

-Perth +7.9%

-Darwin +13.9%

-Adelaide +0.2%

-Brisbane -0.7%

-Canberra -5.1%

-Hobart +9.6%

So Sydney, Perth and Darwin seem to have led the way over the last 12 months. 

As we might have expected after the recent boom years, sentiment in Melbourne appears to have softened. 

Brisbane and Adelaide don't appear to have gotten going yet, and Canberra and Hobart look to be weak.

This seems to make more sense to me than prices sprinting ahead in Q1 and then falling. If anything gains were likely weak in Q1 and are now picking up.

Very handy resource-- Bravo SQM.

Source: SQM