House price growth drops off in Australia

12/02/2016

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

 

 

 

 

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