This paper looks at how information spreads in housing markets in Perth, Australia from 1988 to 1996. Cheaper houses tend to see faster price increases in the short term but slower in the long term. This can affect how we measure price changes in the market. Information about past price changes moves at different speeds between different price segments. Cheaper houses may see price increases before more expensive ones during market upturns. The size of a house can also affect how quickly prices change.