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Property market 'is favourable for investors'

Australian property investors are currently in a favourable position, a new report has suggested.

The current state of the Australian property market is favourable for investors, a report from RP Data and Commonwealth Bank has suggested.

 

 

According to the Home Buyers Index for the first quarter of this year, the volume of Australian property for sale increased, while the number of purchases fell.

 

 

This has resulted in a decrease in property prices, with values falling by 1.1 per cent in Sydney, 1.5 per cent in Melbourne, 4.6 per cent in Brisbane and 3.4 per cent in Perth.

 

 

"Prospective buyers in the Sydney market are likely to have an improved bargaining position relative to the same time last year and vendors are having to adjust their price expectations accordingly," the report states.

 

 

It goes on to claim that the property market is still feeling the effects of interest rate hikes during 2010.

 

 

Earlier this month, the Urban Taskforce claimed that the Reserve Bank of Australia should give the housing market a chance to grow by not increasing interest rates in the near future.

 

 

Posted by Ravin Chatlani

- property, investment, Sydney, Melbourne, Brisbane, Perth

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