Home values in Australia have fallen by their highest margins recently which is the largest reduction over the last 7 years. This has brought good cheer to prospective homebuyers who plan to capitalize on this trend throughout the country. As per reports, national home values have come down by approximately 0.6% for the month which is the highest monthly reduction ever since September 2011. Experts are already predicting a continued fall in home prices for the mid-term and not for the long haul so property buyers will be quick to zero in on their preferred homes at comparatively lower prices.
The median home value has come down to around $554, 23 as per studies while the combined capitals median home value stands at $650, 15 as per reports. National home values are lower by 0.9% in the rolling quarter according to experts which is the lowest such drop ever since January 2012 and they are lower by 1.6% if a 12 month time period is taken into account. This makes it the biggest annual reduction since August 2012.
Brisbane had the best possible results for July 2018 and home values have increased by 0.1% while Sydney has seen home prices falling by around 0.6%. Melbourne and Adelaide have witnessed a reduction in home prices by 0.9% and 0.1% respectively. Perth has also seen a flat market for the last month. Hobart has seen an increase in prices by 1.1% over the quarter while they have increased by 0.7% and 0.5% in Adelaide and Brisbane.
Melbourne and Sydney are the markets where home values have fallen the highest and these are becoming buyers’ markets which should lead to higher sales figures in the mid-term and propel the real estate market towards future growth. The annual capital gains rate has weakened a little in Adelaide and Brisbane over the last 5 years. The annual growth in Brisbane has come down to 1.2% from 2.9% over the last 12 months. The annual growth rates have come down to 0.7% from 5.4% over twelve months. Hobart has seen annual growth rates of 11% since February 2017.
