House Prices Up In Australia

  • 17 years ago
  • Uncategorized
Demand for Australian housing is driving up prices in and around many of Australia’s major cities, as well as some smaller ones. News items posted in several Australian newspapers indicate that, overall, the market for homes in the country remains strong. The Herald Sun paper notes that Melbourne is experiencing record prices for homes, driven in part by the lack of available properties and increasing demand. This is also fueling higher home prices in surrounding suburbs.
 
After the 2nd quarter of 2007, the median home price in Melbourne was $420,000 AUD, up over 10% from the previous year, according to the Real Estate institute of Victoria (REIV). The suburbs, though, are up by even greater amounts. Fitzroy’s median price jumped 62.7 % to $930,000, Kew went up 60.7% to $1.4 million and Elwood rose 48.1% to $1.05 million.
 
REIV chief Enzo Raimondo sees no effect from recent interest rate rises in home prices: “So far, the last interest rate rise, in these inner-suburban areas, it hasn’t affected activity at all.”
 
Farther north in Queensland prices are also going up substantially, according to an article in The Sunday Mail, posted on www.news.com.au. Brisbane and the nearby coastal areas is the center of the sales activity. The median price in the capital city of Brisbane saw prices rise over the past year 9.5% to $405,000, and prices recently reached a record of $434,000. Brisbane has recently added a new millionaire’s row, with the median house price in the inner-suburb of Newstead up over 50% in the past year to $1.137 million.
 
Real Estate Institute of Queensland Peter McGrath said that the fast growing Australian economy has created a lot of wealth that people want to spend. “If its overlooking the water, people want to be there and they are ready and willing to pay for it.”
 
Perhaps even more astonishing is the rise in prices in smaller communities. Mount Isa, in the heart of Queensland far removed from the water, prices were up 47% over the previous year. Townsville saw prices rise 20%, while Rockhampton went up 33%.
 
Sydney, which has had a skyrocketing real estate market for the past several years, has slowed a bit. But the rest of the country seems to be doing quite well.
 
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