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Australia property prices up 1.1%
Country: Australia
31 March 2009 The government economic stimulus and consecutive reductions in interest rates has given the Australia property market a timely boost, according to a fresh report. The new national survey of residential properties compiled by RP Data-Rismark reveals that average home prices in Australia appreciated 1.1% during the first two months of this year, improving from falls of 3% in 2008. The greatest gains were recorded in Darwin, where average prices were up 6.1% for the three months to February, Melbourne prices rose 1.9% and Sydney prices were up 0.5%. Prices fell in other capital cities, with average Brisbane values down 2.2%, Adelaide prices falling 1.3%, Perth declining 1% and Canberra down 1.8%. RP Data senior research analyst Cameron Kusher said the government's stimulus package, which doubled the first home owner's grant from $7,000 (£3,390) to $14,000 (£6,770) for pre-existing homes, has led to greater demand for property to buy. “The first homebuyers grant has been a very successful initiative and you can see that by how many first home buyers are out there getting finance commitments,” Kusher told the Australian Associated Press. Mr Kusher also pointed to lower interest rates as a market stimulus. "People that even five or six months ago probably weren't even able to dream about owning a property... they're realising that it's a pretty good time to go out there and buy," he said. The most expensive homes houses were in Sydney, with an average price of $559,360 (£270,500) while the least expensive were in Adelaide at a average price of $407,000 (£196,790).
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