Property in Australia: Brisbane prices cheapest
04 October 2016 by News DeskProperty in Australia: Over the past 12 months Brisbane home prices have risen by just 3 per cent.
Property in Australia: Home price inflation in Brisbane is now less than half that of all other combined city capitals where prices are rising by an average 7.1 per cent.
Only the cities of Perth, at minus 7 per cent, and Darwin, at minus 6 per cent, have seen home prices fall.
Improving rate of affordability in Brisbane has seen a steep rise in home buyers that have been priced out the housing market in Sydney and Melbourne.
And with interest rates remaining at a record low, Brisbane will continue to be an attractive destination for local buyers and migrants alike.
The Reserve Bank of Australia is expected to keep the official interest rate on hold at 1.5 per cent for the near future.
Property in Australia: Brisbane prices cheapest
Brisbane units (apartments) are currently offering the best in terms of affordability as prices slow and fall.
But detached housing remains firm with prices rising only slowly.
Across Australia, the highest price growth in the three months to September was seen in Melbourne where home values rose 5 per cent. Canberra home prices increased by 4.5 per cent and Sydney prices by 3.5 per cent.
The average home price across Brisbane is $470,000. Brisbane has seen home values rise 14.3 per cent in the past decade with Sydney rising 94.5 per cent and Melbourne prices increasing by 80.4 per cent.
The only two capitals that have grown at a lower pace were Hobart, at 6.7 per cent and Perth at 5.5 per cent.
There is fierce competition among lenders for home loans. The continued downward pressure on interest rates means there has never been a better time to shop around for a home loan.
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