Australia is one of those countries where the home prices were on the rise for a very long time. Apparently that’s not the case anymore. In fact, it seems that home buyers have a delight, as the national property prices fell with around 0.3% in the entire country during the month of December. This does signal that there are some challenges to overcome on the market, but it’s safe to say that more and more people are afraid of this situation.
Sidney and Darwin in particular had a major problem, as both cities had a 0.9% decline when compared to the previous month. Sidney in particular ended up having prices 2.4% smaller when compared to the last quarter, so there are some issues there.
Yet despite all of that, it seems that the overall prices are still remaining very high when compared to the overall competition. There is a silver lining here, as the rents are at the highest level for quite some time. What this means is that a lot of people prefer renting instead of owning.
Plus, buyers try to find affordability in other regions. Hobart and Melbourne seem to be better options for a lot of people. But it all comes down to the higher job rates and a variety of other things that you need to take into consideration here. Another thing to focus on here is the fact that this is the first monthly decline for the second biggest city in the country.
Hobart is the best right now when it comes to the growth of the housing market. Brisbane prices remain pretty much the same, with Perth having just a small decline. The professionals in the industry state that there will be some rather soft market conditions this year, and towards the end of the year we may experience an even further slowdown. That’s not exactly a huge problem at this time, but it certainly shows that there are plenty of interesting benefits to be had even with the current market situation.
It’s still a great time for people to purchase, which is why most home buyers are happy with this. It’s a great thing to have smaller prices, so a lot of buyers agree that it’s actually a very good thing to have something like this. But yes, it can definitely take a lot of time and effort to boost the house market. For the time being, it’s in a small decline!
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