Brisbane is cheapest place to buy Australian property

Property hunters looking for real estate down under may be interested to learn that Brisbane is the cheapest place in the country to purchase a home, it has been revealed. In the March quarter the average house price in Brisbane was $448,669, compared with $452,546 in Adelaide, according to Australian Property Monitors, The Australian reports. It has been a slow and steady decline for Brisbane, with houses falling by 4.3 per cent over the past 12 months, a figure which has been compounded by the recent floods. Andrew Wilson, Australian Property Monitors senior economist, told the news provider that Brisbane is a housing market where confidence has been down for a while, with the Queensland economy underperforming for the past few years. "When that happens, people aren't as keen to buy and on the other end sellers decide to hold on to their house and not to sell," he said. "The floods in Brisbane were also a one-off factor in the March quarter, but I think their effect will be felt over the rest of the year."