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REIA: Australian Property Enters a Growth Period

By Andrew Bell

Australia's property market is in a period of growth, according to the latest Bendigo Bank/Real Estate Institute of Australia Real Estate Market Facts publication – which could be great news for anyone interested in selling their real estate in Surfers Paradise.

The weighted average median price for property in capital cities increased by 3 per cent for houses, and 2.2 per cent for other dwellings such as apartments and townhouses.

Currently, the average home price rests at $562,503, with Brisbane, Sydney and Melbourne spurring this growth on during the September quarter. The average median house price is now 9.5 per cent higher than this time last year.

"For the next year we expect interest rates to stay relatively low and continue to assist the market," said Peter Bushby, president at the the Real Estate Institute of Australia, in a December 11 statement.

"We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge."

This could be encouraging for anyone interested in selling their Surfers Paradise property in the near future, with the expected population boom heading towards Australia in the coming years.

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