Australian house prices fall for sixth month in a row

Australian house prices are continuing to fall, according to the latest RP Data-Rismark Hedonic Home Value Index.

Prices drop six months in a row

Following the 2.3% drop in Australian house prices found earlier this year, the country’s real estate value has slid down once again. The most recent fall of 0.2% in June marks the sixth month in a row that property prices have dropped.

This crash in prices is inconsistent across the country, however, with towns such as Perth seeing drops of approximately 5%, while Sydney’s property has risen by 0.5% in value.

First-time buyers also falling

The RP Data-Rismark Hedonic Home Value Index is accompanied by another survey, which shows that the number of first-time buyers in Australia has also fallen, perhaps because of growing expectation of a rise in interest rates.

Chris Jove, an economist at Rismark, spoke to Property Wire: “We think the Reserve Bank of Australia is likely to raise rates at least once or twice more,” commented Jove, “which means dwelling values will probably soften a bit further.” He added: “This should open up attractive investment opportunities.”