Australia continues to enjoy a buoyant property market, and is still showing stability and offering excellent property buying opportunities.
Whilst the rest if Europe is conituining to suffer, Australia is seemingly unaffected by the global recession, with house prices losing only a fraction of their value over the last 12 months. In the December quarter, house prices fell a mere 0.8%, with Adelaide and Darwin remaining unchanged. Melbourne recorded the biggest drop in the average house value, at 1.7%, and Brisbane dropping 1.2%. Sydney’s fell by only 0.3%, whilst Hobart fell 1%. Fascinating figures, when compared the U.K and U.S., with the U.S continuing to witness extreme downward pressure on the nedian house price via increasing foreclosure sales.
While houses prices in Australia have receded slightly over the last quarter, it has to be noted that the slight wobble in prices has been modest. Australia’s economy has proven it’s robustness and sound business fundamentals over the last 12 months, and prognostications from most quarters remain positive.
For first time buyers in Australia, the outlook remains defiantly upbeat. With the lowest interest rates in years, and the First Home Owner Grant as a fillip for young investors, the property market looks a great place to be. Many are expecting this year and next to continue to look encouraging, and a revival in purchases of property to increase throughout the year.
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