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Australia property prices rise 3.3%
Country: Australia
3 August 2009 The average price of a property in Australia appreciated by 3.3% in Q2, the strongest quarterly growth in residential values since December 2007, according to figures released by the Australian Property Monitors (APM). The top-end of Australia’s housing sector led the market recovery with the average price of some of the more expensive homes in Sydney, Brisbane, and Melbourne rising by almost double the rate of those properties at the lower end of the market. APM believe that the data shows that the Australia property market has already bottomed out and is now on the starting to recover. Property prices in Sydney and Melbourne, the two largest Australian housing markets, recorded price increases while residential values in Brisbane and Perth were the only markets to see prices depreciate back to June 2008 levels. The greatest price rise was recorded in Darwin, where average housing prices rose by 11.2% in Q2, and by 17.3% year-on-year in the year ending June. In Melbourne, average prices rose by 5.8% in Q2, and up 4.1% on an annual basis, during the same period. In Sydney, median values appreciated by 3.7% in Q2, the first quarter of average price growth for the city since December 2007. Residential prices in Canberra increased by 2.4%, while Adelaide recorded a 2% rise in housing prices. Prices also rose in Brisbane, up 1.7% in Q2, but average values were still 4.5% lower then they were at the end of Q2 2008. In Perth, property prices fell 0.8% in Q2, contributing to an annual fall of 4.4% for the city’s housing market.
See Also: Australia, Marc Da-Silva, Overseas property investor news
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Featherbrook at Point Cook – only 25 mins from Melbourne Central Business District
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View details | Enquire further
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Price: s £367,000
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Type: Apartment
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