Australia: House prices head south, north and east

It could be a warning sign, or maybe just a blip. Property sales are flashing a signal that the fall in Sydney house prices will not be limited to the city's west.
An analysis of 2008 sales reveals that the great Sydney equation - take flats, mix with water views, and you cannot go wrong - could be breaking down.
Even at Bondi, where prices have jumped 12.6 per cent in the past four years, the median price has fallen 1.6 per cent this year after 42 sales, figures from Australian Property Monitors show.
At Avoca Beach on the Central Coast, 115 houses have changed hands this year for a median price of $546,000 - 5 per cent lower than last year's.
In the nearby holiday spot of MacMasters Beach, median sale prices have fallen 15.6 per cent. A few falls do not necessarily make a trend. But property insiders are warning there is little confidence in a market rocked by rising interest rates, fuel prices and a skittish stockmarket.

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