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Property price rises recorded in Australia

Article Date : Thursday, February 28, 2008       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

Property prices down under have continued to rise as a result of strong buyer demand, according to figures from the Real Estate Institute of Australia (REIA).

During the last quarter of 2007 the cost of a home rose in all the country's capital cities except Perth, with the average price exceeding AUD 450,000 in four out of the eight.

REIA president Noel Dyett said this is "of course" welcome news for homeowners, both foreign and national.

"Demand continues to be strong for housing, while the supply of new housing stock remains subdued, thus driving prices upwards."

For foreign investors owning property in Australia the growth in prices means they can enjoy increased returns on their investments.

A survey from Mortgage Choice showed that the majority of property investors in Australia are confident about the housing market.

According to the REIA, property sales in the country totalled AUD 204.3 billion in the financial year 2006-2007.
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