Australian property investors may be able to get their hands on a bargain house or unit over the coming weeks, as prices are continuing to fall.
The RP Data-Rismark Home Value Index for the combined capital city dwelling markets fell by 0.3 per cent in April.
This is in seasonally-adjusted terms; in raw terms the decline was slightly smaller at 0.1 per cent.
In Australia's capital cities, property prices fell by 1.2 per cent on a seasonally-adjusted basis in April.
Tim Lawless, RP Data's research director, claims that expensive suburbs are largely responsible for the market's overall price decrease.
He said that the luxury end of the housing market is "showing its volatility".
"During the growth phase of the cycle the most expensive homes realised the highest capital gains. Yet as the market cools premium home values seem to be losing steam the fastest," Mr Lawless explained.
Last month, the Real Estate Institute of Australia's latest Housing Affordability Report revealed that Victoria is the second most expensive state when it comes to buying property in Australia.
Posted by Steve Douglas
