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Demand for Australian property rises

Article Date : Monday, June 18, 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 number of Australians planning to buy residential investment property is increasing while interest from interest from property investors is also strong in most states, research has found.

According to Wizard Home Loans, the number of Australian investors planning to buy residential property in the next year has increased by 13 per cent to reach 878,000, compared to 779,000 in the December quarter.

The news comes as UK investors have been increasingly looking to the Australian property market, "driven mainly by price", with four-bedroom homes costing as little as £100,000 in some areas, an Escapes2 spokesperson commented.

Based on some 6,000 Australian respondents in the three months to March, those who do not already own an investment property accounted for 65 per cent of all intending property buyers.

While South Australia and the Northern Territory experienced a decrease in the number of intending investors, Western Australia was up by 36 per cent compared to last year.

A recent survey by HiFx Global Property Hotspot revealed that the number of enquiries about investing in Australian property has doubled over the past year.
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