NEWS
Those investing in Australian property will be happy to hear indications that the market is recovering.
A marked rise in auction clearance rates in cities all over Australia was revealed earlier this week, alongside a steep climb in turnover.
According to the latest data from Australian Property Monitors, the clearance rate for property in Sydney was 69 per cent, up on the 48 per cent recorded for the same period in 2008.
The research also found that around $76 million worth of properties were sold.
Over in the sunshine, Brisbane posted a clearance rate of 45 per cent, but this result showed the largest improvement, almost double the 23 per cent posted at the same time last year.
Interest in the Australian market is clearly picking up. Alongside falling interest rates and lower prices, rising rents are resulting in an increase in interest in buy-to-lets from foreign buyers as well as locals.
A survey recently conducted by Pickfords revealed that Australia is growing in popularity among Britons, with Queensland being the top state for those looking to move to the country.
Source: themovechannel.com
Published: 15 July 2009
