Australia’s Property Market – 3 Oct 2019
The Australian property market comprises the trade of land and its permanent fixtures located within Australia. The average Australian property price grew 0.5% per year from 1890 to 1990 after inflation, however rose from 1990 to 2017 at a faster rate and may be showing signs of a contracting economic bubble. House prices in Australia receive considerable attention from the media and the Reserve Bank and some commentators have argued that there is an Australian property bubble.
The residential housing market has seen drastic changes in prices in the past few decades. The property prices are soaring in major cities like Sydney, Melbourne, Adelaide, Perth, Brisbane and Hobart. The median house price in Sydney peaked to $780,000 in 2016. However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities. When compared with the soaring prices of 2017, the housing prices fell by 11.1% in Sydney and 7.2% in Melbourne in 2018.
Credit: https://en.wikipedia.org/wiki/Australian_property_market
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