Property Market

The Australian property market is far from booming at present, although given the current world economic downturn, this is unsurprising. Recent years have seen interest rate rises which have impacted on mortgages, while increasing levels of migration have put pressure on the housing market. There is certainly a lack of housing in Australia, and experts predict that this coupled with the high levels of Australia immigration will result in houses prices increasing by 40% over the coming years.

However, this doesn’t mean property is currently unaffordable, and in certain areas of Australia, such as Perth, the high prices means they are having problems shifting property.

Today houses are a lot more expensive then they were 3-5 years ago, and while you may argue that this bodes well for the investor, if no one can afford to buy then this isn’t necessarily the case. However, the private rentals market is booming, with huge demand for lettings and the long term buy-to-let market represents a safe investment for those looking to buy with the future in mind, especially as it represents around 20% of the housing market in Australia.

However, for those looking to emigrate to Sydney remains extremely expensive, with Perth not far behind, while it is cities such as Adelaide and Melbourne where the bargains can be found. Find out more about the property market in a specific area.

As of May 2010 the average house prices were thus:

• Sydney $517,250
• Melbourne $480,000
• Brisbane $445,000
• Adelaide $387,500
• Perth $475,000
• Darwin $481,775
• Canberra $508,500
• Hobart $340,000

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