Newsroom
Australian property prices up by over 12 percent
Date Posted: 08/01/2008
Australian property prices up by 12.51% over year ending November 2007.
Australian residential property prices continue to climb despite three interest rate rises within the last twelve months. Across the nation house prices increased by 11.97% over the last twelve months and unit prices increased by 14.25%.
While increasing property values is great news to home owners and investors, those segments of the market who are struggling with affordability will find it all the harder to enter the property market.
With mounting speculation of another interest rate rise during the first quarter of 2008, housing affordability is expected to continue its downward trend.
The national growth figures hide an increasingly diverse market across Australia’s capital cities. The Perth market has well and truly come to a stand still with growth of just 0.4% over the last year. At the other end of the spectrum, Adelaide has continued to record further gains with property Adelaide values increasing by 25.17%.
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