Australian Property Prices Hit 3 yr High
Long seen as an attractive option to many British buyers due to the cost of buying a house being relatively cheap compared to prices in the UK, the Australian market is gaining strength and appealing to a wider range of potential buyers.
According to new figures issued by the RP Data-Rismark Home Value Index, Australian house prices have seen their biggest increase in value in a single quarter since May 2010.
Homes in capital city Canberra rose by an average of 2.8% in the quarter ending March 2013 and research director at RP Data, Tim Lawless, explained that it was the strongest quarterly result in almost three years.
Mr Lawless commented: “It really does look like the housing market is continuing on its recovery trend, although there's still about another 3 per cent of value growth to go before we get back to levels that we didn't see since December 2010.”
Australia's largest city housing market is in Sydney, where it is also the most expensive to buy residential property. Their home sales prices have risen by almost 3.5% and now stand at a record average of $550,500, which tops the previous high recorded in November 2010.
In the rest of the country, Hobart saw the largest rise for the March quarter with values increasing by 6.1% and hitting an average price of $332,500. Perth and Canberra also both performed well, recording rises of 4.3% and 3.8% respectively.
The only major city to buck the trend was Adelaide where home values dropped by half a percentage point.
Mr Lawless said that the level of growth might soon slow. "The RBA would be concerned if we did see this level of growth sustained in the housing market,” he warned.
“Personally I believe we'll probably see growth rates moderate over the coming months.”
Transferring money to Australia for a property deal or any other reason means using the foreign exchange markets. Taking a sensible approach by comparing the market means you can find better rates than those offered by the banks.