Real Estate

If you’re interested in buying a house with a view to it increasing in value at an above average rate, here are twenty four suburbs you should take a closer look at.

Australian property prices rose by over 3 percent in the June quarter, recovering to June 2008 levels. This is the strongest quarterly growth in house and unit prices since December 2007

Australian property prices in most areas have been holding steady in the teeth of the financial storm enveloping much of the world. Rising unemployment and a weakening economy still pose the greatest risk to housing.

The housing market in Australia has held up pretty well compared with countries such as the US and the UK, and the Australian market hasn’t fallen prey to the deterioration in lending standards that occurred elsewhere.

The December 2008 quarter housing and unit figures leave little doubt that the Australian residential property market is in trouble. Some capital cities have witnessed the largest price falls in years.

As many of the world’s real estate markets grow gloomier by the day, record numbers of first time buyers have hit the property market in Australia.

The Australian government has announced a significant cash injection to help first time buyers. The stimulus package “is designed to support activity in the housing sector because the housing sector is critical to the economy”.

There is a dearth of rental properties in Sydney and the situation looks likely to deteriorate with record numbers of Sydneysiders defaulting on their mortgages and trying to shift into rented accommodation.

Rising interest rates, population growth and price increases caused by a shortfall in the supply of new homes are contributing to a 22-year low in affordability. As a result many home buyers are considering medium and higher density housing as more affordable options.

Residential rental vacancy rates have averaged an all-time low of 1.9 percent across Australia for the past two and a half years. As a result of very tight vacancy rates, rents have increased significantly right across Australia.