Bunbury, Western Australia Prices Down 11%

The suburbs fared better, but I really like the last line of the article.

Real estate slump continues

The figures showed a modest growth in Greater Bunbury of 1.4 per cent – or $5,000 – to a median house sale price of $365,000.

However some suburbs fared far worse, with Bunbury itself suffering an 11 per cent drop in sale prices in the 12 months to December 2011[sic], with the 40 properties sold averaging just $549,000.

“The days of buying a property and turning it around and selling it for a profit within 12 months are gone – you can’t expect to do that any more,” she said.

And given that the price people are willing to pay is predicated on exactly that . . .