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MARK COLVIN: With home prices dropping in the financial crisis, now there are cries from the housing industry for a bailout of its own.
The sector claims that a $2-billion bailout would fast track 25,000 rental dwellings.
House prices fell 3.3 per cent over the December quarter.
Catherine Clifford reports.
CATHERINE CLIFFORD: New figures from the Australian Bureau of Statistics show house prices are continuing to slide.
While the quarterly fall was just shy of one per cent, it's the change over the past 12 months that has house industry experts calling for dedicated financial support.
Perth prices plunged 6.7 per cent, Sydney and Canberra both slipped 4.1 per cent, Melbourne and Hobart lost more than three per cent and Brisbane property prices have come off by nearly 1.5 per cent.
Graham Wolfe is the executive director of the Housing Industry Association of New South Wales.
GRAHAM WOLFE: Well this isn't providing dollars to the construction sector per se. This is about the Federal Government providing, through the states, a stimulus package where off-the-plan sales could be affected. Those off-the-plan sales will be made available to low cost and affordable rental accommodation and for social and public housing needs.
The state governments will utilise the funding to be able to make those purchases. The assets don't go to the construction companies. What it does...