Australian Property Market

As property prices tumble in Sydneys suburbs can we safely assume that 2009 will see
a steadier Australian market or are we poised for much of the same as 2008.
Premium suburbs are seeing major declines in prices some by up to 28% in the previous
year alone,Some real estate agents are predicting further falls this year whilst others
are trying to show some optimism.
On a whole basis the Australian property market has seen large drops in property prices however as we are all aware the worlds economies no matter where you may be are suffering as inflation takes a grip and the recession starts to bite.
Looking back property that saw the largest increases over the last few years, is now seeing the largest losses,some reports are suggesting property prices have equalled those of four years ago,good news for buyers waiting to buy bad news for current property owners.
Eventually we will all see an upturn and this time lets hope that property prices rise on a more level basis rather then running away with themselves as they have this time.
Banks also need to be more responsible and be vigilant when lending against sharp rises in future property markets.

The Australian property market is one of the most talked about as always,so what do we think 2010 will bring for investors and buyewrs alike.
Prices have stopped falling and are on the way up due to increased investor activity and revived interest from second and third homebuyers who have returned to the market. Australia looks to have avoided the large falls in house prices seen in some other countries over the past two years or so.

Darwin recorded the highest annual price increases in 2009 of around 12% compared to 2008,Melbourne and Canberra followed with rises of around 8% and 7% over the same period.

Sydney boasts  the most expensive housing in Australia, with an average house price of US$530,000 according to figures published for the third quarter of 2009, Darwin follows with average house prices of US$492,360.

The housing market has been driven by real housing demand and supply shortages as always.continued strength has surprised observers who had predicted market crashes.

New home sales have also shown increase by as much as11% in August 2009 Detached home sales rose around 11%, while apartment sales rose 7.5% in August 2009 from the previous year.