The value of property sales in Australia has risen by 30 per cent in the last five years, a recent study has shown.
Figures from RP Data reveal that property sales totalled $213 billion (£133 billion) in the twelve months up to July 2010, API Magazine reports.
This compares to the $165.5 billion (£103.3 billion) that was recorded in the 12 months up to July 2005.
Cameron Kusher, a senior research analyst at RP Data, said that these figures show there is increasing demand for Australian property.
"For vendors, these conditions equate to additional profit to be made from the sale and for property professionals it translates into additional commission," he told the magazine.
Earlier this month, the Australian newspaper reported that the Westpac-Melbourne Institute Consumer House Price Expectations Index had fallen to 51.1 from 58.8 in July, which means that people are less worried about the rise in property prices.
Posted by Ravin Chatlani
