Australian house prices resilient to recession

According to two new property reports released yesterday, Australia’s property market defied the slowdown in the first quarter of 2009, with property prices rising.

RP Data and Rismark International’s national dwelling index released yesterday rose 1.6% over the first three months of the year, while Australian Property Monitors (APM) today reported a quarterly rise in national house prices of 0.1 per cent.

While the figures differ slightly, both confirm the Australian residential property market is holding up well in the face of the economic slowdown – particularly in comparison to foreign counterparts such as the US, where prices have fallen in excess of 20%.

According to APM, Darwin has proven the strongest performer with unit prices increasing in excess of 9% over the quarter.

According to RP Data and Rismark, other capital city dwelling values by end March 2009 have increased to the following:

Sydney – Up 2.4% to $514,695
Melbourne – Up 2.4% to $426,423
Brisbane – Up 1.3% to $425,433
Adelaide – Down 0.3% to $393,183
Perth – Down 0.7% to $466,034
Darwin – Up 2.8% to $432,091
Canberra – Up 1.4% to $455,797

Intellichoice has a wide range of properties around Australia, including Brisbane, Gold Coast, Sunshine Coast, Palm Cove, Melbourne and Sydney. Please visit http://www.intellichoice.co.uk/real_estate.html for details of the various property developments currently on offer or email info@intellichoce.com.au for an information pack to be sent to you.