The price of land for new residential building has continued to rise in Australia despite a fall in demand for new build homes, according to the latest research.
Falling property prices eased slightly in key cities in Australia at the beginning of 2019 but six of the eight capitals and four of the seven rest of state markets saw a decline in January, the latest index shows.
The vast majority of people in Australia aspire to own their own home with independent research showing that over 92% of renters want to be able to buy a property in the future.
Home building activity in Australia reached an all-time high in 2018 but experts are predicting that the number if residential properties under construction will fall over the next two years.
Building approvals in Australia have reached their lowest for five years, down 23.7% in the final quarter of 2018, new figures show.
Every capital city in Australia apart from Canberra saw property prices fall month on month in January with only Hobart, Adelaide and Canberra recording annual growth, the latest index shows.
More houses available to buy in Australia is making the market more affordable, but properties in Sydney and Melbourne are still too pricey for many, it is suggested.
New home sales fell to their lowest level since 2012, down by 14.9% year on year in December, the latest figures shows.
A large number of new home starts in Australia meant that 2018 recorded one of the strongest years of residential building markets on record, official figures show.
New home approvals in Australia fell to a five year low towards the end of last year with property experts blaming tightened lending from banks.
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