Australian property bolstered by strong economy

A strong economy is likely to help the Australian property market continue to post steady gains in the future, it has been noted.

According to PropertyShowrooms.com, the country is not expected to post huge gains like some Asian nations are predicted to, but the fact that it remains in a strong financial position will work to its advantage.

Terry Hobbs, media manager at the property portal, revealed his predictions for the market down under, citing the fact that Australia had not experienced the same problems as many European destinations.

He continued: "I think it is just very strong. There is a good economic situation over there.

"I think they are just a little bit more stable [than Europe]. It is not going to see huge amounts of growth, but I think it is just a good steady investment over there."

The latest wealth report, compiled by Knight Frank and Citi Bank, revealed that Sydney was one of the most expensive destinations in the world for prime property.

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