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Property Market

AUSTRALIA'S property market has experienced the most significant quarterly price drop in five years in the first three months of this year, according to the latest survey figures.

According to the REIA Real Estate Market Facts The weighted average median house price dipped 2.7 per cent, slipping from $471,300 in the December 2007 quarter to $458,488 in the March 2008 quarter.

Only two Australian capital cities, Sydney and Perth, had a median house price above $450,000, down from four in the December quarter. Melbourne continued to have the highest median price for other dwellings, while Hobart currently is the cheapest capital city in Australia.

The previous biggest dip in the national quarterly median house price was a drop of 2.0 per cent in the March quarter of 2005. On a year-to-year basis, the Australian median house price increased by 8.3 per cent and the other dwelling price increased by 8.2 per cent, reflecting strong performances in some cities during 2007.

The most significant rental increases were recorded in Darwin and Brisbane, where house rents went up 8.9 per cent and 6.7 per cent, respectively. While Australian housing affordability is still at record lows, the tide looks to be turning in the favour of buyers, with houses taking longer to sell and vendors having to be willing to lower their asking price.

RP Data research director Tim Lawless said the changes in the property environment mean the time is ripe for property investors to get back into the market.

 

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