PROPERTY prices in Brisbane have suffered the biggest fall across Australia, a new survey has found.
According to the latest RP Data-Rismark Home Value Index, the July seasonally adjusted value of dwellings dropped by 0.4 per cent to a median of $420,000. This means the city's property prices have dwindled 6.6 per cent in the past year – the greatest decline in the country.
In comparison, Perth house prices fell 6.3 per cent and Melbourne's were down 4.3 per cent in the same period. Sydney and Canberra were exceptions, jumping 0.5 and 1.9 per cent respectively.
Weak consumer activity and business conditions outside the resources sector influenced the overall decline in Brisbane, Perth and Melbourne. The average number of days it took to sell a capital city home rose by 10 days to 55 compared to the same time last year.
RP Data research director Tim Lawless says people expect two interest rate hikes in the coming year.
"Combined with volatile equity prices, global financial market instability and soft house prices, Australians are understandably reluctant to make high commitment decision at the moment,'' says Lawless in a press release.
Property values in the most expensive suburbs dropped 6.2 per cent this year, while those in the cheapest areas fell 2.1 per cent.
Discounting increased by 1.5 per cent to 7.2 per cent in July compared with the same time last year.
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