House prices plummet in parts of Australia

House hunters need to make sure they are open minded about where they want to live if they are to secure a bargain.

While lots of Aussies may prefer properties in the centre of major cities, new figures have indicated that there is far better value to be had in the suburbs, reports.

According to RP Data figures, the price of houses in luxury suburbs, flood-hit areas and coastal regions have dropped sharply in the past year.

Indeed, properties in some areas have fallen by as much as 46 per cent in the last 12 months and even upmarket houses in Australia's most expensive suburb – Point Piper – have encountered a 37 per cent drop.

With so many bargains available, this could be the perfect time to be looking at home loans – a view shared by Michael Yardney of Metropole Property.

He recently told News Limited that the higher end of the market is struggling and Aussies can get some amazing properties for knock-down prices.

Have a question about home loans? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801317465-ADNFCR