Australia’s apartment market hit a new low in April

Residential property prices in Australia are at their lowest levels in more than two years, as the cost of building new dwellings continues to fall.

While the number of new apartments built in Australia rose by 6.5 per cent to a record 9.8 million units in April, the cost per unit fell to $1,865, down by more than a third from $2,039 in March.