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Price growth in May comes in lower than expected

The growth of property prices in Australia was lower than had been predicted in May.
The cost of purchasing a home in Australia has been lower than expected last month, showing indications that the market may have reached its peak at last and be ready to start cooling at last.

In the past years, the cost of buying has risen time and again, a reality which has left property prices in the nation among the three least affordable in the world.

This has left many young people priced out of the market, so a slower rise could be the first positive indicator for the future for those looking to get on the ladder for the first time.

According to the statistics published this week by On The House, the price of buying in the nation grew by just 0.36 per cent in May, compared to an average of 1.71 per cent across the whole of the prior quarter.

Most capital cities experienced a slight fall in median price in addition, which could be seen as a positive, as house prices now start to come more into line with what Australian people can afford at last. 

Posted by Ravin Chatlani

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