Oz set for house price boom
03/11/09 16:56
Expatriate investors with property in Australia could see house prices rise significantly over the next few years, says a real estate expert.
According to property buyers' advice site HomesOverseas.co.uk, a shortage of available homes and the beginning of economic recovery will contribute to the predicted boom.
The website's editor Marc Da-Silva pointed to figures, from the Australian Bureau of Statistics, which revealed the value of homes in the country's eight capital cities increased by 4.2 per cent in the last quarter and by 6.2 per cent over the last year.
"Australia is entering into a sustained period of growth both economically and as far as the property market is concerned," he said.
The bureau's data indicated particularly strong growth for Melbourne and Sydney, with gains for the average property increasing over the past three months by 4.7 and 4.3 per cent respectively.
In addition to property in Sydney, Mr Da-Silva recommends buyers look elsewhere in New South Wales, such as Newcastle or the state's north-western region.
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