Australia’s severe housing shortage has underpinned housing prices and will shield the market against any wide spread fall out, RP Data and Rismark said yesterday.
Data for August released yesterday by the groups showed national dwelling values have remained remarkably resilient this year, rising by 1.66 per cent.
Over the three months to August values fell by only a modest 0.96 per cent.
Tim Lawless, RP Data national research director, said the figures should put to rest any claims the market was headed for a crash.
Mr Lawless’ comments were supported by Rismark’s Matthew Hardman who said strong excess demand “will eventually outweigh affordability constraints and begin to push property markets upward again – probably in the second half of 2009”.
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