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Publish date: 02-10-2009 00:26:25 | Contact Name: Phill | 152 times displayed
In the First 8 months of 2009 the Australian housing value has grown an incredible 7.9% - the largest growth was recorded in Melbourne with 11.6% up. Buyer confidence is up and the only restrictive element on the market seems to be able to secure financing from the banks. The Australian housing value is now higher than it was at the peak of the market position in february 2008 before the global financial crisis hit.
While the United states housing value dropped by a staggering 30% and many european countries experienced a sharp drop - the UK housing market value dropped by 15% - the Australian market seems to avoided the worst with less than 4% value loss.
According to Rismark International managing director Christopher Joye housing values were being supported by the strongest population growth since the early 197o's, record housing shortages, historically low home loan rates, better than expected employment figures and the continually solid banking system in Australia.
The expectation is that market demands which ask for more than 170,000 new property developments will not be met by the industry due to the fact that it will prove difficult to find financing for all projects. All indications are that Australia is now looking beyond the global financial crisis and the discussion on the property market will return to the known discussions of housing shortage and housing affordability.
Solutions for an again growing market are required and national market competiton must be increased to fight the soaring pricing and limited housing availability.
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