Australia | Asia & Pacific
Australia
Interest from overseas buyers
in luxury residential property
continues to be strong
Despite the current difficult economic times the
outlook for the Australian residential market appears
stronger than the majority of developed countries. Solid
predictions for population growth through immigration
concentrated on the eastern seaboard, particularly
Sydney and Brisbane, have forecasters predicting solid
capital growth in the medium term. Interest in luxury
property from foreign buyers has remained strong due
to favourable Australian dollar exchange rates.
Residential prices are currently being affected by
external economic and financial influences that have not
been observed before. Current real and capital growth
outcomes for residential and other property uses are increased by 28.3 per cent in this time; bolstered by the
Australia’s Whitsunday
Island is a dream
not consistent with the results that current property impressive rise in values in Perth (75.4 per cent) and in
location thanks to its
fundamentals normally produce. all other states (between 38 to 43 per cent).
endless beaches
However, Australia has not been unaffected by the Housing markets in resource-fuelled states enjoyed
current downturn in global financial markets, and strong growth in 2005 and 2006, though prices have
this has undeniably slowed demand. All of which has come back significantly in Western Australia and growth
assisted the Reserve Bank’s decision to instigate a bout in the Northern Territory has levelled off. Victoria saw
of monetary policy, which has reduced the cash rate to strong capital growth in housing in 2007; while New
4.25 per cent as of December 2008. South Wales is yet to see any significant growth.
While housing starts remain at low levels, the
Capital cities dwelling stock deficiency will underpin strong rental
House prices have stagnated in Sydney, rising only growth in the short term. Rental growth is currently
3.3 per cent since September 2004 . Despite this, the at its highest since 1989 and this should theoretically
weighted average of all of Australia’s capital cities has encourage investor demand. n
Property Focus
Mandurah,
Western Australia
A selection of
Situated right on
the ocean this
Australia’s finest
property offers
3 bedrooms, 2
residential property
bathrooms, solid
timber flooring,
stone benchtops
and parking.
Price: £541,000
Contact:
George Trovas Brisbane, Australia Sydney, Australia
+61 7 3002 8918 Features two levels of Penthouse overlooking
gtrovas@savills.com.au spacious living and huge Hyde Park and Sydney
balconies, gardens, a harbour. Awash with stylish
Contact: pool, jetty, pontoon and contemporary design and
Savills International sandy beach. Perfect for in a convenient location.
+44 (0) 20 7016 3740 entertaining and relaxing. Approximate 685sqm.
abroad@savills.com Price: £2.7 million Price: £4.9 million
savills global residential review 31
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