Australia in offshore property boost as prices surge
Australia’s property values climbed by 1.9 per cent in August, new research has indicated.
The RP Data – Rismark Home Value Index showed that the average home price in the country was up by the largest monthly amount since the survey began in 2005.
Describing the figure as "exceptional", the company noted that this meant property prices in the country have increased by 7.9 per cent in the first eight months of 2009.
Research director for the body Tim Lawless remarked: "We are now seeing home values rising at a solid rate, almost 80 per cent of auctions are clearing and sales volumes have bounced back significantly."
The firm’s international managing director, Christopher Joye said that the low interest rate situation in the country, combined with high population growth, lower than expected unemployment and housing shortages are all inflating prices.
Prices in Australia will continue to be subject to upward price influences, head of economic analysis department at the Reserve Bank of Australia Tony Richards said this week.
Written by Chris Moore