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2010 Australian property market will be "red hot"

The Australian property market is set for a "red hot" 2010, it has been claimed, with a rise in the number of buildings approved in November.
The Australian property market is set for a "red hot" 2010, it has been claimed, with a rise in the number of buildings approved in November.

Figures from the Australian Bureau of Statistics (ABS) indicate that the number of dwelling approved rose by 5.9 per cent in November 2009 compared to the previous month, when approvals fell.

Approvals were highest in Queensland and Victoria, which saw 12.4 per cent and 10.2 per cent increases respectively.

Meanwhile, New South Wales and South Australia rose by six per cent and 1.6 per cent respectively.

Commenting on the figures, ICAP economist Adam Carr said: "Australia is going to be red hot in 2010.

"I know this is November 2009 data, but we have all the conditions in place to see a very strong housing market - low interest rates, we saw 100,000 jobs created in the last few months, and a housing shortage."
- property

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