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Confidence high in Australian property

Australia's property market shows strong demand.

A survey has revealed strong support of Australia’s real estate industry.

According to the Property Council/ANZ Property Industry Confidence Index increased from 132 to 140, as the low interest rates and strong demand for properties continues.

There was especially strong demand in the Queensland region as more overseas and domestic investors enter the market.

“During the past three months, industry's house price growth expectations have grown to the highest levels in the country, and to historic levels for Queensland," explained Queensland executive director of the Property Council of Australia Kathy MacDermott.

She added that both house prices and building activity are expected to reach record levels over the next 12 months.

Data from the Australian Bureau of Statistics, shows there was a 0.9 per cent increase in the total number of housing loans granted in the year to November 2013. There was also a 2.3 per cent rise in lending for new homes as buyers take advantage of low interest rates.

Posted by Steve Douglas

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