House price index (QoQ) in Australia dropped by 1.7% during the first quarter of the year basis in March, compared with a previous reading of 0.7% in the fourth quarter, while analyst's forecasts estimated of -0.5%.

Annualized house price index in Australia retreated to - 0.2% in the quarter of January to March of 2011, from 5.8% a year earlier, while the actual reading is worse than expectations that indicated to 1.6%.