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Australian property market reflects living costs

High incomes mean higher property prices in Australia.
<div $$hash="9886-0"><p $$hash="9900-0">The Australian property market could be high because of the country’s affluence, one expert claims.



<p $$hash="9888-0">President of the US National Realtors Association, Gary Thomas, told Property Observer that Australians' high income mean that house prices are higher than those seen in the US.



<p $$hash="9890-0">Australia is known worldwide to have high house prices. Recent statistics from RP Data and the Real Estate Institute of Australia have shown that these have been rising in recent month, partly due to increased consumer confidence and interest from property investors.



<p $$hash="9892-0">Often, the country has been branded with a reputation of being unaffordable. However, the Real Estate Institute of Australia recently said that the amount of income spent on mortgage repayments had decreased. RP Data also showed that the amount of financial commitments that people had to pay had gone down.



<p $$hash="9899-0">Higher property prices mean that those looking to invest abroad may wish to consider Australia, as current statistics show that the property market is performing well.



<p $$hash="9897-0">Posted by Steve Douglas



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