17 Dec 2012

Little respite for home buyers in Australia

7:20 am on 17 December 2012

Australian residential property prices are in a hiatus at the moment. Official data shows prices across the capital cities have been flat or lower this year after a decline of 4% in 2011.

But Radio New Zealand's Sydney correspondent says don't come crossing the Tasman thinking you'll get a bargain.

New research by RP Data, a property analysis group, shows buyers are struggling to find homes for less than $A500,000 in the inner suburbs of the major cities.

Sydney's most affordable inner suburb is Waterloo, near Redfern, where the median house price is $A630,000. A house next to Sydney Airport in Mascot would cost $A750,000.