Sydney Morning Herald: Australian property market enters a period of plateau
Sydney Today, April 4, Australia Eastern Time, the Real Estate Institute of Victoria (REIV) first quarter data showed that the housing market continued to be weak. The average house price in Melbourne was A$21, an increase of less than 53.5% from the previous quarter.
The demand for residential real estate in the past year shows that the overall market economy and price levels may not change in the short term and will maintain the current level. The development of the real estate market is cyclical. It is currently in a stable period, and the average price of all types of real estate has not substantially increased. The average house price has risen by A$2011 since March 3.
The trend of housing prices in the past 12 months shows that the contradiction between population growth and the number of newly built houses has eased. In some areas, such as Coburg and Footscray, because the average property price was lower than the highest value, demand increased in the first quarter. Some other fast-growing demands are Wheelers Hill, Glen Iris, Camberwell, Tarneit, Doncaster and Ringwood.
The apartment market was also mostly stable, with an average price of A$44.5 in the first quarter, a 45% drop from A$1.1 in the previous quarter. In the medium and long term, the growth of the two types of residential real estate is similar. In the past five years, the average house price has risen by 5%, and both units and apartments have risen by 43.4%. (Wendy)
English version: http://smh.domain.com.au/home-investor-centre/stuck-in-neutral-20120420-1xapc.html