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Australian property market demonstrates "strong" growth

Article Date : Wednesday, July 04, 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

New data has revealed that property prices in the Australian market have risen, suggesting that the market is recovering from recent periods of underperformance.

Research by RP Data and Rismark International found that between January and April this year, house prices in Brisbane rose by 7.9 per cent, Adelaide saw growth of 5.7 per cent and Darwin properties rose by 4.1 per cent, the Australian reports.

Dr Matthew Hardman, head of research at Rismark, said: "The strong growth registered in many Australian cities is a consequence of growing pressure due to housing supply constraints, which has been building since 2003."

A limited supply of available properties is expected to support property prices over the next few years, he added.

Earlier in the year, Jeremy Knight, owner of Knight Know International suggested that the Australian market offered British investors greater stability than the property sector in the UK.
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