NEWS
Australia’s property market has recovered from the financial and economic problems of the past two years much faster than expected and the outlook continues to be positive.
Property analysts have said that Australian property prices will continue to rise over the next few years as the shortfall problem is magnified by Australian's booming population.
The report by Australian Housing Association found that during 2009, the local government area with the biggest shortfall was Brisbane, at a shortage of 6,474 dwellings. This is followed by Sydney and Bankstown in New South Wales, with shortages of 5,234 and 2,285 respectively.
If current trends continue, the Gold Coast is set to have the biggest shortfall in 2020 with an expected shortage of 10,777 dwellings.
It's the growth areas in South East Queensland where demand will be amongst the highest in the nation.
Opportunities for investors are exceptional because many property values were still at levels set when the market feared Australia was going into a recession.
Its investors market now and many of the local and overseas buyers are ready to invest into residential properties.
Of the some $370 million spent by foreign investors on Queensland property last year, the Gold Coast led the way with $174 million worth of transactions followed by Brisbane and the Sunshine Coast with $85 million and $38 million in transaction respectively.
Published: 22 March 2010
