Australian home buyers planning to take out a mortgage to acquire low-cost property are being advised to consider Brisbane, the most affordable location in mainland Australia, according to a report from RP Data.

The largest price drop over the previous quarter was recorded in Queensland, with the median price falling 2.7 percent to A$439,339 (S$583,659), said the report.

Overall, property prices fell 1.6 percent across the country, while the number of homes on the market grew to almost 150,000.

“Buyer wariness has been exacerbated by concerns over the international economy and a weakening stock market as indicated by a rising unemployment rate in capital cities,” said Andrew Wilson, Senior Economist at APM.

Meanwhile, Christopher Joyce, Director at Rismark International, said property prices in Brisbane had declined 6.1 percent over the previous year.

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