Aussie property market going strong
Savvy property investors my soon be making an international money transfer to Australia as the local housing market is holding firm, according to Australian Property Investor magazine.
The region recently reported that it has the strongest housing market in the world in terms of property value growth, despite the current global economic climate.
"Australia's strong economy, low unemployment rate, undersupply of housing in some parts of the country and tightly regulated lending practices are among the key fundamentals that see our housing market holding firm while others around the world decline in value," commented Eynas Brodie editor of the magazine.
In the short term future, the Australian housing market is likely to remain flat until consumer confidence recovers from volatility in global economic environments and the share market.
"However, with relatively steady interest rates, low unemployment and a massive mining boom about to get into full swing, the economic fundamentals of Australia remain strong," she added.
Once confidence returns to the market and people feel comfortable with spending again, the expert speculated that property prices would continue moving upwards.
She added: "Once confidence is restored, that money will be channelled into other investments, such as real estate.
"This, together with a continuing demand for property, should see our market return to healthy rates of growth in the long term."
According to BuyAssocation, interest in Spanish properties has increased and competition for a diminishing supply of homes is fierce.
There were nearly 25,000 home sales in June 2010, which was down by 26 per cent when compared to the same month in 2009 and 60 per cent in 2007.