Home buyers in Australia should secure mortgages as soon as possible, as property prices across the country have dropped significantly.
According to new statistics published by RP Data and Rismark, home values in Brisbane have fallen sharply, declining by as much as eight percent in the 12 months to October.
Home prices in the capital city tailed off by four percent during the same period, while prices in Adelaide, Melbourne and Perth plunged five percent. Meanwhile, property prices in Sydney remained reasonably flat, falling by only 1.1 percent over the same period.
“The combination of lower interest rates, cheaper homes and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant,” said Tim Lawless, Director of Research at RP Data.
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