Buyers will get good value for money in Australia, and if you've saved up a bit of a deposit it might be worth buying as soon as you can because rental properties are in short supply.
Buying property in Australia
Property prices dropped in 2008 in all capital cities, except Adelaide, and analysts and agents say it is a good time to pick up property.
Right now it is a buyers’ market, despite interest rates being at their highest level for 12 years.
House prices
Sydney $550,890
Melbourne $443,203
Brisbane $439,210
Adelaide $411,885
Canberra $494,456
Perth $513,771
Hobart $268,773
Darwin $463,560
- March quarter 2008
Unit prices
Sydney $363,438
Melbourne $334,585
Brisbane $324,457
Adelaide $264,503
Canberra $346,231
Perth $359,627
Hobart $218,038
Darwin $323,051
- March quarter 2008
Source: Australian Property Monitors
Renting in Australia
While the news is bad for owners looking to sell, it is even worse for renters. Increased demand for rental properties a fall in supply has resulted in an astronomical rise in rents, with price increases in the double-digit range in the major capitals over the past 12 months, according to Australian Property Monitors.
Tenants in Perth and Sydney are facing the highest rises, with rents for Sydney houses and units jumping by 15 per cent and 11 per cent over 2007/08.
Weekly house rents
Sydney $420
Melbourne $350
Brisbane $350
Adelaide $290
Canberra $410
Perth $350
Darwin $450
Hobart $285
- June 2008
Weekly unit rents
Sydney $400
Melbourne $310
Brisbane $300
Adelaide $240
Canberra $385
Perth $350
Darwin $350
Hobart $235
- June 2008
Source: Australian Property Monitors