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House prices fall in Australia

02 October 2015 by News Desk

property_forsale2The price of residential property has fallen in half of all capital cities in Australia.

In the past three months the value of residential property in half of Australia’s capital cities has decreased, with traditional ‘hotspot’ Sydney seeing flat price growth.

Darrell Todd of thinkingaustralia says: “A fall in house prices is good news for buyers and migrants seeking to purchase their first home down under. I have been predicting a housing price slowdown since the start of the year and property prices that two months ago were levelling out are now starting to fall”.

During the September quarter, half of Australia’s capital cities recorded a fall in property values with Hobart down 2.0%, Adelaide 1.6%, Perth 0.7% while Canberra prices fell by 0.4%.

Meanwhile, property prices in Melbourne are up by 7.4%, Sydney (4.6%), Brisbane (1.9%) and Darwin has seen prices rise by just 0.4%.

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