Property comparisons over five years

The Real Estate Institute of Australia (REIA) has released its annual summary of the residential and commercial property markets, including all leading property market indicators for the year 2003-04, with comparisons over the past five years.

?Property is a key sector in the Australian economy, with dwelling sales representing $180 billion or 22.8 per cent of GDP in 2003-04 said REIA President, Ian Wells.

The state of the property market has a very significant effect on the Australian economy as well as on the socio-economic well-being of every Australian.

Announcing the release, Mr. Wells said Australian Property Market Indicators is essential reading for anyone with an interest in the Australian economy and the property market.

This annual report provides a wealth of information for those making investment-related decisions regarding property.

 It is also a valuable reference for organisations and individuals who have an interest in the broad performance indicators for the property market throughout Australia.

Of findings in the report, Mr. Wells went on to say 2003-04 was characterised by a stabilising housing market, with both owner-occupiers and investors responding to changing demand and interest rate rises in late 2003.

There was a gentle and orderly slowdown in house prices in Sydney, Melbourne, Canberra and Brisbane, while Adelaide, Perth, Darwin, Hobart and regional areas continued to catch up with the higher prices of the larger capital cities.

The current success of Australia’s economy has generated high levels of property investment. Looking ahead, while sound economic fundamentals remain in place, the property market in 2005 will be stable.

Long term property investors and home buyers will continue to view the property market with favour, particularly if interest rates remain stable.

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