Individuals becoming 'more selective' as Australian property market cools

Individuals looking to invest in Australian real estate may be interested to learn that the latest figures concerning the market indicate that there has been a decline in sales within major cities.

According to Australian Property Monitors, residential sales are now significantly lower than they were at the same time last year.

The statistics show that prominent cities within the country such as Melbourne, Sydney, Brisbane and Adelaide are no longer attracting the high level of interest which they once were.

National property consultant Damian Kininmonth, from Preston Rowe Paterson, said that the slowdown was a result of buyers becoming more selective.

"Obviously there were large volumes being transacted earlier in the year and people were really keen to get into the market," he added.

"But with the rising of interest rates, people are becoming more selective with their properties."

The latest RP data-Rismark Hedonic Home Value Index has shown that price rises in major cities in Australia are slowing and the number of new properties being sold is at a three-month low.

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