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Property prices 'unlikely to fall dramatically' in 2011

The cost of Australian property is unlikely to fall rapidly next year, according to a new report.

Australian property prices are unlikely to fall rapidly in 2011, the latest Matusik Property Insights report says.

According to the study, the average price of a property in Australia is about $450,000 (£279,850), which is about seven times the average yearly income, Australian Property Investor reported. 

The report suggests that property prices are unlikely to fall or rise substantially until cuts or increases to wages are made. 

It also noted that it is increasingly difficult to find a new home for under $400,000 and said that this is unlikely to change. 

"Developers would be releasing more stock to the market now if they thought the market was there," the company reports.

The news follows comments from the Housing Industry Association (HIA), which welcomed a decision by the board of the Reserve Bank of Australia to keep interest rates on hold. 

According to the HIA, this was a reasonable course of action considering the current economic and housing situation in Australia. 

Posted by Ravin Chatlani

- property, prices, economy, HIA, RBA

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