NEWS
Slowdown in Australian Real Estate
The rise of residential real estate prices in major cities in Australia is slowing and the number of new properties being sold have dropped to a three month low, the latest figures show.
They have been generally welcomed by commentators who had feared that Australia was heading for a property bubble.
The slowdown follows 16 months of strong house price growth. Year on year prices have risen in capital cities by 12.1%.
New home sales slumped by 6.4 per cent in May after rising by 6.2 per cent in the previous month.
Overall, Australian experts expect house prices to consolidate over the next few months. But for the year as a whole, we would expect prices to lift by five to eight per cent anyway.
Published: 02 July 2010