Australian home prices have dropped again, according to the latest data from the Australian Bureau of Statistics. With exception of Darwin and Adelaide, in the December quarter, house prices fell a relativelt small 0.8%, in all capital cities across the country. House prices in Australia have remained relatively robust, when compared to the catastrophic collapse in the United States and the U.K in the last 12 months. Compared to the rest of the global economy, Australia appears to be weathering the economic storm with a quietly upbeat outlook. Across the country, there are a variety of different stories regarding house prices and movement, with Melbourne reporting the biggest drop of 1.7%, down on the previous quarter. Bribane’s housing market appears to have cooled a little, with the average house price dropping 1.2%. Sydney’s has faired well, with a slight drop of 0.3%. Conversely, Darwin’s prives have remained optimistic, and demand there remains high, with an increase of 1.6% over the same period.
Whilst prices have dipped slightly over the last few months, Australians are upbeat about the next quarter, and are aware that the falls in the median price have been generally very modest. The mood remains positive.
It was back in 1996 that house prices in the capital cities across Australia fell. The fall over the last year was only 3%, a meagre amount those sustained in in Europe and the U.S., which have had to bear 10 -20% losses and upwards, especially in hard-hit areas in the U.S, like Florida and California. It illustrates the fundamental difference in the economies around the globe.
It all adds up to a heady cocktail for Australian investors. A good time buy? It looks very much that way. With the First Home Owner Grant available, and interest rates low, it would look like the ideal time for first time buyers to step onto the ladder. We’re expecting a significant upturn in the Australian market in 2009! Search for australian homes here: http://www.sell-my-house-quick.com/search
With interest rates at the lowest level for years, and are expected to drop further, revivals in Australian home buying are expected.