Home owners are taking 6.3% off their asking prices in an effort to shift their properties in a softening market, according to Australian Property Monitors.
Vendors are offering bigger discounts now than in April when they were coming down 5.7%. The report found apartment prices stayed level – coming down 5.1%, compared to 5.2% in April. Meanwhile, September quarter figures reveal that median house prices have fallen 2.07% over the last three months. But median house prices are at $663,000 – an increase of 8.61% over the year, according to Residex.
Chief executive John Edwards told the Sydney Morning Herald that the recent fall in house prices was greater than any experienced during the GFC. ''We are expecting growth of 3.22 per cent per annum for houses over the next five years,'' he said.
He cautioned that “unaffordability is not at its worst position”, although the RBA should exercise caution in raising rates.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
st kilda west
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out