Property in Australia’s capital cities could be ideal investment
A leading overseas property expert believes that Australia presents the perfect time to snap up homes in the country’s state capitals. Nick Marr, director of international real estate portal property HomesGoFast.com highlighted recent figures from RP Data – Australia’s number one provider of property information – which shows that prices have fallen to a six year low in Australia’s capital cities.
So, if you’re thinking of buying property in one of Australia’s major cities, now could be the perfect time. Keep reading to find out why.
Prices of homes in Australia lower than a year ago
The figures from RP Data show that the value of homes in Australia’s capital cities fell by 1.4 per cent in May 2012. This means values are down by over 5 per cent since this time last year.
Melbourne was the worst performing location with the data showing a 2.7 per cent fall in property prices in May and an 8 per cent fall over the last 12 months.
Mr Marr from HomesGoFast.com said: “Even Sydney – Australia’s largest city – showed a decline. The RP data showed that house values in the New South Wales capital were down by 1.2 per cent in May and 3.6 per cent since May 2011.
“Values in Perth fell by 1.7 per cent in May while house prices in Darwin fell by 2.4 per cent. This is great news for anyone looking to buy property in Australia as values in larger cities are lower than they have been for some time.”
Despite recent interest rate cuts by the Reserve Bank of Australia, the housing market has not responded to these cuts. RP Data's research director Tim Lawless told News.com.au that ‘much of the weakness in real estate values was in detached housing rather than apartments’.
He said: “It is clear that the
market is becoming increasingly price-point driven with stronger performances
across more affordable markets.”
Local buyers may also start to boost the market , online poll by mortgage provider Loan Market found 51 per cent of respondents were planning to invest over the next 12 months, while a further 37 per cent were keen but want to be sure their jobs were secure.
Only five per cent of the 786 people surveyed had no plans to buy property, while seven per cent said they would rather buy shares, the poll showed.
Loan Market corporate spokesman Paul Smith said 75 basis points worth of official interest rate cuts by the Reserve Bank of Australia (RBA) over May and June had helped restore confidence.
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