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Property growth prospects 'strong'

The Australian property market is to experience strong growth in the mid to long-term, Australian Property Monitors has claimed.

Growth prospects for the Australian property market are still strong, according to Australian Property Monitors (APM).

The firm shared this information in a presentation at the Sydney Home Buyer Show last week.

It claimed that the medium to long-term growth prospects were high due to three factors: strong population growth, the oversupply of new properties and the healthy employment and income outlook.

The presentation went on to say that the rental rates of houses and units will rise in 2011.

It also involved a number of graphs, one of which showed how the median house prices of the country's major cities have fluctuated but, overall, increased over the past seven years.

Another shows that median unit price has reached $436,714 (£273,178) in Sydney, up from around $350,000 (£218,936) in early 2003.

Last month, detailed figures from APM showed that property prices in Sydney increased during the July-September quarter by 0.7 per cent.

Posted by Ravin Chatlani

- prices, median, units, housing, property

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