Prospective purchasers currently looking for a good value for money home in Australia may want to consider buying a residential property in Perth, where prices are getting cheaper by the day.
Perth property prices have fallen in recent month, with the average price of a home contracting by 1.8 per cent, making it the worst performing city in Australia.
The latest RP Data-Rismark property price index shows that average Perth property prices fell by 3.3 per cent to $480,000 (£296,000) during the third quarter of 2010.
Tim Lawless, research director at RP Data, said that the Perth property market was slowing at a controlled pace.
Mr Lawless commented: "Of course, the October data doesn't include any effect from the November interest rate rise, which we expect will have caused conditions to cool further."
The Perth property market is widely expected to weaken further in the next few months, largely due to a rise in interest rates earlier this month, which added to the cost of borrowing a mortgage to buy a home in Australia. But rates are not expected to increase further in December.
Across the country, Australia property prices fell by just 0.1 per cent in October, thanks to relatively positive figures in all states except Brisbane, where property prices fell 1.6 per cent.