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Moving to Australia: home prices fall $17k

22 September 2016 by News Desk

Moving to Australia to live in Brisbane or Perth is now more affordable than it was 12 months ago.

Moving to AustraliaMoving to Australia does not mean breaking the bank and it is still possible to find affordable housing, most notably in Brisbane where the average price of a new apartment has fallen by over $17,000 over the past three months.

A total of 810 apartments were sold in the Queensland capital during the June quarter – the lowest number since the beginning of 2014.

The average sale price in the June quarter was $578,580, a fall of $17,084 since March, according to the latest Urbis Brisbane Apartment Essentials report.

Around 50 per cent of sales were two bedroom units with a majority located in more affordable inner Brisbane suburbs. Around 30 per cent of sales were one bedroom units with a car space.

Around 25 new housing projects are due to be completed between July and December this year, bringing 2,850 new apartments onto the market in Brisbane. In 2015 double this number of properties came onto the market.

Moving to Australia: home prices

The Melbourne housing market will continue to be very strong as across the city there is still greater demand from buyers than available supply of properties.

Melbourne’s average residential property price increased 2.7 per cent in the three months to June, behind Sydney’s growth of 2.8 per cent during the same period.

House prices across Perth have fallen by a further 1.2 per cent over the past three months.

Over the past year, house prices in the Western Australia capital have fallen by 4.8 per cent, the largest annual rate of decline in the city since mid-2011. Since reaching a peak in 2014, house prices in the city have fallen by around 6 per cent.

Moving to Australia? For expert info and help with buying property Click Here

Want to live and work Down Under? Click here for expert help: Skilled Migration to Australia

Want to get a job Down Under? Click here for expert help: How to Get a Job in Australia

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