There are plenty of property bargains around

It might be a very good time to get your first foot on to the property ladder, as house prices across Australia are continuing to decline.

The RP Data National House Price Index has fallen by 1.7 per cent so far this year and some areas have been affected particularly badly.

Released earlier this month, the house price barometer showed that values were down in five of the eight capital cities in April.

On a 12-month basis, the value of city dwellings declined by 4.5 per cent, with Melbourne and Brisbane being badly affected.

The average price of a property in the former shrunk by seven per cent, while the latter dipped by 6.4 per cent over the course of the year.

Houses in both areas are essentially being stockpiled due to low demand and this has forced prices down.

While this is bad news for existing property owners, it could be a great opportunity for first-time buyers to secure a home loan while there are so many bargains about.

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