The ups and downs of Australian property
While the Australian property market in recent years has been considered one of the most successful across the globe in the wake of the worldwide financial downturn some areas of the country are facing price falls and a drop in sales activity.
Residential property in Sydney and in Canberra continues to see prices on the way up whereas house prices in both Brisbane and Perth are beginning to depreciate. Many cities are suffering a drop in sales activity – this could be due to higher stocks in some areas.
According to local information there are a third more homes on the market now than at this time last year and while there appears to be a smaller number of purchasers around the selection of homes available to view has increased and changed the sales conditions to that of a buyers’ market.
Sydney property prices are now almost 25 per cent higher than those in Brisbane and the gap between Brisbane and Melbourne is around 14 per cent.