Mortgage customers in Australia will be paying less for their homes in capital cities, as the cost of accommodation declined on-year in the first half of 2011.
According to the latest RP Data Home Value Index, June marked the sixth consecutive month in which capital cities in Australia experienced a correction in property costs.
"Market conditions are clearly being dampened by low levels of consumer confidence fuelled by interest rate speculation and global economic jitters," said Tim Lawless, Research Director at RP Data.
He noted that the average selling time for a home has fallen to 52 days, down from 58 days in March, suggesting that there are more mortgage customers looking to acquire new homes.
Home values in Western Australia and Queensland dropped 2.5 percent and 2.7 percent respectively. This comes after Australian Property Monitors observed that the cost of a home in Melbourne has declined 2.1 percent over the last year.
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