Oz property price growth driven by three cities

New Australian housing figures reveal that only three of the country’s eight state or territory capital cities recorded month-on-month property price growth in October.

The latest RP Data CoreLogic housing survey reveals that, while house prices across the eight capitals combined edged up by 1 per cent in October when compared to September, this growth was driven by price rises in Melbourne, Sydney and, to a lesser extent, Brisbane.

The survey shows that house prices in Melbourne recorded a monthly increase of 1.9 per cent, while Sydney property prices went up by 1 per cent and those in Brisbane by 0.6 per cent.

Melbourne Most Liveable City

Melbourne Source: australia.com

The rest of the state and territory capitals registered falls in values, with Hobart (-2.4 per cent) and Canberra (-2.3 per cent) recording the biggest declines. The smallest fall in value was seen in Perth, where prices declined by just 0.1 per cent.

The average price of a property in Oz’s capitals cities is AUS$545,000, with the lowest average price seen in Hobart (AUS$315,000) and the highest in Sydney (AUS$680,000).

Outside of the state capitals the average price of a dwelling in Australia is AUS$358,000 – up by 0.6 per cent from the previous month and by 2.7 per cent from a year earlier.

If you’re planning on emigrating to Australia in the near future, than rather than rely on falling house prices to secure a new home at the best possible price, it’s worth taking some time to get your currency exchange in order instead.

When exchanging large lump sums, even only slight fluctuations in the currency exchange markets can have a huge impact on the money you’ll have available to start your new life.

The Pound-Australian Dollar exchange rate has fluctuating wildly in the past three months. For example, in mid September £1 would have purchased you AUS$1.737, while on the final day of October you would have received AUS$1.818. If you were exchanging £150,000 – say from the sale of your UK home – then this would equate to a difference of AUS$12,150 in less than two months.

However, at the start of October £1 was worth AUS$1.863, meaning an exchange of £150,000 would have netted you AUS$279,450 – AUS$7,750 more than you would have received last Friday and a whopping AUS$18,900 more than you would have receive on 10th September!

Fortunately, you don’t have to be a financial whizz kid to make sure you get the best exchange rate – that’s what companies like Halo Financial are there for.

Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.

To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com

Article published 4th November 2014