News
Australian property prices fall but 'rental market remains strong'
Thursday 19 June 2008
Now may be a good time to invest in property in Australia as "the UK situation is an indicator of what is to come in Australia, which is largely insulated by the resources boom".
Australia.to reported three weeks ago that property prices have been falling over the past seven months but that the "rental market remains strong".
Peter White, president of the Finance Brokers Association, said: "We all accept the pricing of debt has increased due to the credit squeeze. However, it’s widely acknowledge that liquidity will return to the credit markets in due course and it would be short sighted of the banks to turn their backs on the very brokers who have in the past supported their growth and will continue to help drive their profitability moving forward."
The website also noted that there is a reduction in prices of properties for sale at auction.
Price falls in Australia are, as in England, regional. Independent property advisor, Heron Todd White, said in April: "The inner ring of the Sydney residential market have shown no significant slowdown while the Western suburbs have been hit hard by recent mortgage rate increases."
Australia.to reported three weeks ago that property prices have been falling over the past seven months but that the "rental market remains strong".
Peter White, president of the Finance Brokers Association, said: "We all accept the pricing of debt has increased due to the credit squeeze. However, it’s widely acknowledge that liquidity will return to the credit markets in due course and it would be short sighted of the banks to turn their backs on the very brokers who have in the past supported their growth and will continue to help drive their profitability moving forward."
The website also noted that there is a reduction in prices of properties for sale at auction.
Price falls in Australia are, as in England, regional. Independent property advisor, Heron Todd White, said in April: "The inner ring of the Sydney residential market have shown no significant slowdown while the Western suburbs have been hit hard by recent mortgage rate increases."
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