A rather large gap appears to be opening up in the Australian property market. This is due to the fact that although prices are rising in Sydney and Canberra, the same can not be said in Perth and Brisbane, where prices are falling.

The latest house market index shows that the cheaper properties are selling better than those at the luxury end of the market; perhaps a result of bad interest rates and recent natural disasters such as flooding.

Whilst prices across all cities have slowed down considerably, the markets in Sydney and Canberra have remained positive. Prices in Sydney have risen by 1.2% and those in Canberra have risen by 0.7% over the year.

At the opposite end of the scale, prices in Perth and Brisbane are continuing to experience a decline. The property prices in Perth recorded the largest fall out of all the major cities, down by 7.1%. Brisbane closely followed after prices dropped by 6.8%.

There is now a large gap between the housing costs across the country. The average house price in Brisbane is now 24% lower than in Sydney and 14% lower than in Melbourne.

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