Ive always been suspect on groups such as the REIV being shameless rampers, now some evidence.
It has been touted that Melbournes property prices have crashed 8.4pc this last quarter, the following will show otherwise, all from the REIVs own mouth.
http://reiv.com.au/news/details.asp?NewsID=617Melbourne Median hits $485,000
The release of the REIV’s December quarter median prices showed the single largest quarterly increase in the median price of a Melbourne house in the history of the series. The increase in the median price of 12.8 per cent to $485,000 was remarkable, but not surprising as 2007 was consistently a strong year for the residential property market.
The increase from $430,000 in September 2007 to $485,000 in represents the largest quarterly increase in dollar terms and confirms the data in the ABS latest inflation figures which showed that housing costs had been a significant contributor to higher than expected inflation.
See whats happened here ? By massaging ( or indeed making a large error ? ) the figures they get to publicly announce a median drop of 8.4pc instead of a DOUBLE DIGIT drop of 10.8pc.25 April 2008
The median price for a detached home in Melbourne in the March quarter is now $432,500, down 8.4 per cent from the December 2007 median of $472,250
You see the lobbyists I assume cant handle the fall out of newspaper headlines announcing "DOUBLE DIGIT PERCENTAGE LOSSES FOR MELBOURNE MEDIANS!" etc
What a load of crock eh ?