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Australian property market is "running hot"

Article Date : Thursday, May 24, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The Australian property market is going "beserk" in some parts of the country, according to a report in a business newspaper.

James Dunn, writing for Investor Daily, has been investigating the property market Down Under, which has been "running hot following four years of strong stock market returns".

He spoke to Andrew Dawkins, Australian regional director of CB Richard Ellis, who told the newspaper that there is a "stack of money" being invested in property in Perth, while on the eastern seaboard "the investment market is very solid".

"There is a lot of interstate buying, and still the adage that people from Sydney come down to Melbourne and are surprised at the value they can find compared to the Sydney market, which is tighter yields and higher prices," Mr Dawkins added.

Mr Dunn also spoke to Ken Atchison, managing director of property investment consultancy Atchison Consultants, who believes that serviced apartments are emerging as an alternative opportunity for investors.

"There might be 80-90 apartments in the block and they're rented out for a week or longer. They have been sold off under strata and they're quite popular because they offer very secure rental streams," he stated.

According to a recent survey by HiFX Global Property Hotspot, the number of enquiries about investing in Australian property has doubled over the past year.
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