The price of Australian homes continues to rise despite the global economic crisis, a new report reveals.
House prices in Australia continue to rise, putting the market at its strongest level since 2003, a new report has revealed.
Australian Property Monitors reported that the cost of Australian homes rose by an average of 12.1 per cent last year, bringing stability to the sector despite worldwide housing markets fluctuating wildly in the global economic downturn.
Mathew Bell, an economist with the organisation, said he was surprised that growth was so high, particularly in December, as this has traditionally been a sluggish month.
"The December quarter was a surprise. There is an indication that not only was there a general price rise, but the more expensive properties were selling as well," the expert commented.
Recently, JP Morgan said that the housing recovery in Australia was "remarkable" in 2009, considering that most other nations saw substantial decreases in property prices due to the ongoing effects of the global economic crisis.
Posted by Craig Francis
House prices in Australia continue to rise, putting the market at its strongest level since 2003, a new report has revealed.
Australian Property Monitors reported that the cost of Australian homes rose by an average of 12.1 per cent last year, bringing stability to the sector despite worldwide housing markets fluctuating wildly in the global economic downturn.
Mathew Bell, an economist with the organisation, said he was surprised that growth was so high, particularly in December, as this has traditionally been a sluggish month.
"The December quarter was a surprise. There is an indication that not only was there a general price rise, but the more expensive properties were selling as well," the expert commented.
Recently, JP Morgan said that the housing recovery in Australia was "remarkable" in 2009, considering that most other nations saw substantial decreases in property prices due to the ongoing effects of the global economic crisis.
Posted by Craig Francis
