The Australian property market continued to show resilience to the global credit crisis and will offer opportunities for growth in the year ahead, the RP Data-Rismark Property Values Indices for houses and units has revealed.
Released this week, the report said in the 12 months to October 2008 property values only declined by 1.2 per cent – house prices fell by 1.6 per cent and units by 0.3 per cent.
The worse period for property values was in the second quarter of 2008 when prices fell by 1.9 per cent.
According to Chris Joye, managing director of Rismark International, 2009 will present opportunities for capital growth particularly in the “affordable segments” of the market.
“This will be somewhat of a turnaround for the property market where over the last four years it has been the affluent properties which have generally provided the best capital growth,” he said.
“Market activity is already showing signs of increasing in the lower end of the pricing scale.”
Mr Lawless said that buyers should target “strategically affordable” properties in 2009 – homes with a reasonable price tag that are well serviced by public transport, arterial roads and the necessary amenities such as shopping, schools and health care facilities.
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