House price growth drops off in Australia

The housing market is showing signs of slowing down in Australia and in some areas are actually falling. In Western Australia, house prices have dropped by more than 3% due to economic instability which is shaping local confidence, particularly in the mining sector and in the Northern Territory house prices have also fallen by 5% due to a weakening demand.

House prices which in recent years have been rising at unsustainable levels are now thought to be overpriced by as much as 30% with the five major metropolitan areas rated as severely unaffordable for many people.

Median house prices in the states and territories are as follows:

Melbourne -             A$707,415

Adelaide -                A$485,873

Sydney -                  A$1,032.433

Brisbane -                A$497,143

Perth -                     A$589,100

Hobart -                   A$346,370

Canberra -               A$625,092

Darwin -                   A$639,042