According to the latest data from the Bureau of Statistics, Australia is divided down the middle when it comes to property prices.Â Whilst the eastern states remain steady, over in WA the resources boom has seen property prices head skyward by 28.8 per cent in the past 12 months. Here in Brisbane we’ve had just a slight rise of 2.8 per cent, while Sydney continues to drop with a 3.1 per cent fall.
It’s worth noting that this data doesn’t include the effects of the interest rate rise, so we’ll have to wait another 3 months to see if that has had any impact. Some people are predicting further decreases in property prices, especially if there are more interest rate rises. Personally I don’t think so, at least in Brisbane. Things look like they’ll remain pretty steady for the next year or two. However, all you can do is keep an eye on what’s happening in the market, watch what properties are going for, and stay informed.