Property Prices Dip
According to a national property industry report, housing prices have fallen by 1.2% across most of the country.
The RP Data-Rismark Hedonic Home Value Index , a monthly report which measures the cost of residential properties throughout Australia, has reported a slight dip for the month of May across each city’s home values.
Perth and Hobart proved the exception, as their property prices rose 1% and 2.2% respectively, according to the Index.
Despite recording a fall for the month of May, the second consecutive month in which home values recorded a decline, they are still 2.9% higher when compared to the same month last year.
The data revealed that Sydney residential property prices remain the highest, with the median value - including both units and houses - currently at $580,000.