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Australian property market will recover, says expert

The property market in Australia will recover, according to one leading investment specialist.

The Australian property market is set up for recovery despite its current slump, one of the country's leading investment experts has claimed.

 

 

Chief executive officer of Metropole Property Strategists Michael Yardney said today (November 11th) that population growth and increasing wealth will underpin the growth of house prices across the country.

 

 

He cited the latest figures from the Australian Bureau of Statistics (ABS) showing that seven million households own their own home, with an average value of $541,000 (£345,000), as a cause for optimism.

 

 

Mr Yardney said that it was important the country "embraced" population growth as an opportunity "to boost our declining workforce and our country's economic wellbeing through revenue raised from income tax, as well as new Australians buying goods and services including property".

 

 

A fall in the Australian unemployment rate yesterday (November 10th) prompted Consec chief economist Craig James to declare that the Australian economy is overall in "pretty good shape."

 

 

Posted by Craig Francis 

- property, prices, population, demand

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