With median house prices falling by 2.6% in the September quarter, opportunities for first homebuyers are improving significantly according to the Real Estate Institute Australia.
The latest Mortgage Choice/REIA Real Estate Market Facts report showed the national median house prices slipped $12,136 from $459,795 in the June quarter to reach $447,659.
Sydney maintained the highest house price median of any Australian city at $529,000, despite dropping 2.2%. Hobart remained the lowest, at $320,900 after falling 1.3%.
Darwin was the only capital city to see an increase in overall home prices, with its median rising 0.6% to $426,000.
"With falling interest rates and relatively stable property prices, the scene for Australian property buyers is looking brighter. We're seeing a 'buyers market' that has some great opportunities," said Kristy Sheppard, senior corporate affairs manager at Mortgage Choice.
Source: Your Mortgage Magazine 11/12/2008
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