Australia's housing market is 'strongest since 2003'

According to new research, annual real estate growth in Australia is at its strongest since 2003.

Investors in the country may wish to know that Australian Property Monitors (APM) reported that house prices rose by 12.1 per cent over the course of the year.

It is believed that this growth was driven in the early part of the year by an increase in first-time buyers and sustained by overseas investors towards the end.

APM's economist Mathew Bell commented on the findings, highlighting the fact that median house prices had surpassed pre-global financial crisis highs in December in Sydney, Brisbane, Adelaide and Perth.

He added: "The December quarter was a surprise. There is an indication that not only was there a general price rise, but the more expensive properties were selling as well."

Moderate price increases were expected across all sectors during the first half of the coming year but the medium to long-term outlook for property prices would remain strong.

Former Take That boyband member Robbie Williams joined the rising number of Brit's buying property in the country earlier this year.

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