NEWS
Data released by two of the largest property research groups confirmed residential markets were stable nationally.
Australian Property Monitors and RP Data were at odds as to whether house prices were up or down in Sydney and Brisbane, but they agreed the market had shown remarkable resilience.
"Housing and unit figures show a surprisingly resilient residential property market amidst the global and domestic economic turmoil,'' APM economist Matthew Bell said.
RP Data research director Tim Lawless concurred, saying: "Australia's residential property market has proven to be consistently resilient.''
Meanwhile, international property consultancy Langdon said Australia's high-rise apartment sector was showing the first signs of recovery because high rental demand and low interest rates were attracting investors back to the market, particularly in Brisbane and Melbourne.
Source: The Australian
Published: 05 May 2009
