Brisbane 'cheapest property market in mainland Australia'
Individuals considering taking out a home loan to purchase a low-cost property in the city may want to consider looking at residences in Brisbane, as it has the cheapest market in mainland Australia, new figures indicate.
RP Data revealed that the greatest decline in prices over the last quarter was in Queensland city, with the median price falling 2.7 per cent to $439,339.
Across the country there was an overall dip in the cost of property of 1.6 per cent, while the number of homes on the market rose to nearly 150,000 – the highest recorded over the last five years.
Speaking to news.com.au, APM senior economist Andrew Wilson commented: "Buyer wariness has been exacerbated by concerns over the international economy and a weakening stock market as indicated by a rising unemployment rate in capital cities."
Earlier this month, director of Rismark International Christopher Joyce said in an article for the Business Spectator that the price of property in Brisbane had fallen by 6.1 per cent over the last year.
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