House price rise bucks global trend
Posted on | May 2, 2009 |
The value of Australian homes increased in the first quarter, bucking a global trend downwards, according to a report recently issued.
House and flat prices in Australia increased in value by 1.6% in the first three months of the year, according to RP Data-Rismark, helped by a scarcity of supply, lower interest rates and incentives to first-home buyers.
The slight recovery in Australia “has been driven by the 40% fall in home loan rates to 5.7%, which are now at their lowest levels since July 1968!”
March’s three-month gain follows a 0.1% rise in the three months to February in the RP Data-Rismark’s national dwelling value index, and a 3% fall in the value of capital city homes in 2008.
The strength of Aussie home prices is a world away - so far - from the 2.7% drop in British home prices over the first quarter, capping a year to March 17.5% plunge.
US housing didn’t fare that much better, with prices in the top 20 cities sinking 1.9% in February, which brought the 12-month fall to 18.6%, according to the most recent S&P/Case-Shiller index, a widely followed measure.
RP Data-Rismark said the first-home buyer’s grant, which ends on June 30, has acted like a catalyst for new home buying in Australia, but lower interest rates are sustaining the market’s growth.
Tags: buyers > first > global > grant > home > house > housing > price > rise > trend > trends
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September 7th, 2010 @ 1:13 pm
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