Those looking to invest in property in Australia could find themselves a bargain as new figures have revealed that house prices decreased by 0.6 per cent over the first three months of the year.
The Australian Property Monitors' (APM) House Price Report also revealed that annual growth slowed to 0.2 per cent in the first quarter of 2011.
Canberra was Australia's only state capital city to record positive growth in house prices, with average values listed at $568,541 (£374,510).
This is an increase of 0.2 per cent on the average value recorded in the December quarter of last year and a 1.5 per cent increase on that of the first quarter of 2010.
The largest decrease in house prices was seen in Darwin, where values fell 1.6 per cent from $625,425 in the December 2010 quarter to $615,653 in the first three months of this year.
Back in March, the Real Estate Institute of Australia's Real Estate Market Facts for the December Quarter 2010 report was published.
This showed that the weighted average price for a residential property in one of the country's main cities increased by 2.4 per cent in the last three months of 2010 to $545,873.
Posted by Steve Douglas
