House prices in Australia are plummeting, if the latest figures are anything to go by.

A report by RP Data-Rismark has found that property prices in major cities around the country are falling at a worryingly fast rate. Melbourne and Brisbane are said to be the hardest hit and have the biggest declines of nearly 6 per cent in Melbourne and Brisbane seeing a fall of 7.5 per cent between January and October this year.

A spokesman for agency Century 21 said: “This slump in national prices is being skewed by a fall in demand at the luxury end of the market.” The drop in prices has, however, meant that more and more people, especially investors are showing an interest in the country’s property market.

If you are interested in buying a property in Australia then now is a good time to look, as prices are low and vendors are desperate to sell. “We’re experiencing the paradox that weaker global economic conditions and lower rates is good news for Australian property buyers – at least for now,” stated another agent in the country.

For details of property for sale in Australia, visit the Australian listings on Rightmove Overseas. One way to save money when moving to Australia is to use a currency specialist when transferring your pounds into dollars. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Australia, collect The Overseas Guides Company’s ‘Australia Property Buying Guide’