The Australian property market may be over the worst as it sees a small percentage rise in house prices. The Australian online newspaper report that the Australian residential market prices are growing by 0.3per cent for the October quarter — after falling for the past six months.
It may not seem much, but it is the first two consecutive months of growth since the housing downturn began, according to research from RP Data and Rismark International.
Australian property values had fallen just 0.8 per cent over the year to October, compared with the share market’s (S&P/ASX 200 index) 40.5per cent drop, Mr Lawless said.
“The Australian property market has moved through the bottom of its cycle,” he said yesterday, releasing RP Data-Rismark’s latest residential price index to the end of October.
Australia’s biggest apartment builder, billionaire Harry Triguboff, earlier this month also called the bottom of the residential market. Mr Triguboff told The Australian his Meriton group was seeing some return of demand and hoped to boost sales from 1000 a year to 1500 in 2009.
Meanwhile Alliance & Leicester International (ALI) has conducted a study which reveals that the main reason Brits choose to emigrate to Australia is the weather. It concludes that British people who move to Australia make a significant contribution to the property market.
