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Australian real estate market continues to show signs of strength
Posted by admin | Posted in Real Estate Investments | Posted on 08-02-2008
The Australian Bureau of Statistics has released its housing data for the December quarter, which shows that the national property market has grown 3.5%. From a year ago, house prices have risen 12.3%, the fastest rate since early 2004.
For the quarter, prices in all capital cities rose. Adelaide and Brisbane logged enormous gains (+6.0% and +5.5% respectively), followed by Canberra (+4.4%), Hobart (+3.7%), Melbourne (+3.4%), Sydney (+2.4%), Darwin (+2.3%) and Perth (+0.9%).
Perth’s small increase takes the annual growth in the WA capital to 1.1%, which is far from the wholesale downturn predicted by many experts. The Perth market is clearly showing signs of resilience, which is not surprising considering the strength of the economy and population growth.
