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April property figures from RP Data have confirmed the nation’s property markets are softening.
According to company's end of month index released May 30, property values have dropped by 0.03 per cent since the beginning of the year. The median value of an Australian dwelling is now $461,384.
While there were gains in some capital city markets, Sydney’s growth had flattened right across the board; Perth was the only capital city market to experience a decline (1.33 per cent) over the 12 months to April.
Tim Lawless, RP Data research director was confident in the outlook for property and said the supply-side imbalance in national housing markets would ensure property values would continue to rise over the long-term.
Published: 03-07-08
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