MEDIAN HOUSE PRICE TO TOP $1m IN 10 YEARS
Sydney’s median house price will top $1 million before the decade is out, new data from Residex has found. Just a decade ago, Sydney’s median house price was $328,000 with few believing it would surpass $500,000. It is currently around $630,000.
Property Still the Best Long-term Investment
Despite the rate rises, land remains a good long-term investment. Usually it's three strikes and you're out - and the Reserve Bank has just taken the unprecedented step of raising interest rates in a third consecutive month. But is that game over for the property market? Certainly, property prices are a big part of the reason the RBA acted so decisively.
Home Rents Seen Rising 4% in 2010
Rents for homes across Australia increased nationally by a mere two per cent in 2009 - the weakest annual increase since 2002, a new report says. The figure compares with average annual rent increases of 12 per cent across Australia for 2007 and 2008, Australian Property Monitors' Quarterly Rental Report says.
Upgraders and Investors Make Their Move
Double-digit increases in property prices over 2009 suggests that further interest rate rises may come sooner rather than later, an economist says. Australian property prices have risen by 11.3 per cent over the first 11 months of 2009, according to the RP Data-Rismark national home value index.
No Shortage of Excitement in Year of the Decade
Welcome to 2010, which is set to be the most eagerly anticipated and intensely watched property markets in a decade. And after the twists and turns of the past two years - the 2008 bust and the shock 2009 recovery - it's not difficult to understand why.
Top 10 Overseas Property Investments in 2010
No. 6 - Property in Australia The Australian economic and property market recovery has been swifter than the other leading nations around the world. It has been claimed that the revival in the country's property market and economy is as much as 12 months ahead of the other developed countries in the economic cycle.
Market Strong despite Festive Slowdown: Rp Data
Market activity remains buoyant despite the overall ease in market activity with the approaching festive season, according to RP data. RP data’s weekly leading indicator of market activity eased slightly over the last week, with the fall in the index possibly the first sign of the impending Christmas / New Year period slowdown.
Overseas Demand Pushes Prices up
Overseas investors are driving top end property prices upwards, recent record sales show. In the past week, three sales were brokered above $10 million to local buyers, including a mansion called Avon Court, which sold for $25 million. The Australian Financial Review reported that overseas interest in prestigious homes has forced buyers to pay more for homes in this market segment.
Resources Boom to Boost Housing Industry
Australia is expected to see a further expansion of the resources sector in the next few years, which will ultimately impact the housing industry, says RBA deputy governor Ric Battellino.
Australia Leader in Global Housing Market Recovery
While housing markets in the world’s leading economies embark on the slow road to recovery, Australia has emerged one of the top performers. Of 27 countries Australia’s housing market recovery was the second best performer on a global basis, with house priciest climbing 4.9 per cent since the third quarter last year, according to Global Property Guides.
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