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Australian property markets "booming"

Article Date : Wednesday, July 25, 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 property markets in some Australian cities are "booming" with unit prices improving nationwide, according to the latest capital city housing results for the June quarter.

House prices have demonstrated their strongest growth in six years in Melbourne, jumping 6.5 per cent to a median of $398,217 (£171,548), according to Australian Property Monitors (APM).

Canberra recorded the best growth with a 7.4 per cent rise for the quarter, representing a price surge of 17.6 per cent over the year, taking the median price to $319,517.

Sydney's property market recorded price growth of 1.1 per cent thanks to a mini boom in the inner west are of the city, but outer suburb areas have been reportedly struggling.

APM general manager Michael McNamara said the Melbourne, Canberra and Brisbane property markets were "booming" with first-time buyers "competing with investors trying to take advantage of increasing gross rental yields".

Research by National Savings and Investments this year found that a quarter of British people attempting to get onto the property ladder in this country would consider moving abroad in order to live more cheaply, with a third choosing Australia or New Zealand as their preferred destination.
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