Is it a good time to buy an Australian property?
If you’re looking to splash some cash and invest in property in Australia then now is a good time to go property hunting. According to the RP Data-Rismark Hedonic Home Value Index for May the cost of housing in Australia fell in all six of the nation’s states.
Sydney remains the country’s most expensive city in which to buy residential property with the average dwelling price, including both houses and flats typically costing around the $580,000 mark. The least expensive Australian city for residential property is Hobart with average prices of $321,000.
RP Data research director Tim Lawless said the ‘weak’ May result came on the back of a substantial fall in consumer confidence during previous months and could be attributed to a growing level of uncertainty about domestic economic conditions and possibly consumers’ sour reaction to the Federal Budget announcements in mid-May.
“How much of this downwards pressure can be attributed to the lower confidence reading is anyone’s guess, but the correlation of housing market conditions with consumer confidence is a strong one,” he said.
“If we see confidence levels remain in the doldrums, there is likely to be a similar dampening effect on the housing market,” Mr Lawless said.
The Northern Territory’s capital, Darwin, witnessed the largest price decreases during the month (-3.5 per cent), followed by Adelaide, South Australia (-2.3 per cent) and Melbourne, Victoria (-2.1 per cent).
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