Property prices in Australia’s territory and state capital cities are falling steadily, latest figures reveal. The average property price actually fell by 1.2 per cent in the last quarter compared to the previous quarter.

Of all eight cities included in the survey, all experienced price drops, with the biggest being in Brisbane at 2.5 per cent. The smallest drop in price was in Sydney, where property prices dropped by a 0.2 per cent, while Darwin and Hobart fell by 0.4 per cent and 1 per cent respectively.

Sales of new homes also decreased by 3.3 per cent, the lowest drop since December 2000. There was also a slump in the number of new-build apartments and townhouses, suggesting people are looking for older buildings, if at all. All things considered, if you are planning to emigrate and buy a property in Australia, now could be an ideal time to do so.

Preparation for a move down under should include planning for the transfer of your pounds into Australian dollars. For information on how to do this safely and save money when doing so, speak to currency exchange specialist 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’