NEWS
Property prices across Australia have jumped almost 6 percent this year and will continue to rise even in the country's most expensive suburbs, experts said today.
The average Australian home has gained $28,194 in value since January this year and is now worth almost half a million dollars at $477,865, according to the RP Data-Rismark Home Value Index.
National research director Tim Lawless, said, “Not only has Australia’s residential property market outperformed the other major western markets, it has also provided superior returns compared to shares, commercial property, superannuation, hedge funds and private equities. Australia’s residential market has been further supported by low mortgage default rates, at just 0.6 percent, compared with 5 percent in the US and 3 percent in the UK.”
“Every mainland capital city has experienced solid growth during the first seven months of the year. “ Mr Lawless said.
"This has eviscerated the popular myth that the recovery was being driven exclusively by first timers at the cheaper end of the market."
“Investors and homeowners already on the property ladder have returned to the market”, he said.
Source: RP-Rismark
Published: 01 September 2009
