Australian home owners enjoyed a “vintage year” in 2007, according to the Real Estate Institute of Australia (REIA), with house prices increasing in most parts of the country.
The Australian weighted average median house price hit $442,758 in the September 2007 quarter, up 7.5 per cent on the same quarter in 2006.
Other dwellings achieved a growth of 8.9 per cent, reaching a weighted average median price of $350,059.
In its 2008 real estate market outlook, the REIA predicts that prices will continue to rise in 2008 in all states except for NSW, where it said the market is subdued, and WA, where the market is settling after its boom.
Due to this steady growth in values, demand will continue to exceed supply, where rising rents may make entering the market difficult for first time buyers. The REIA anticipates that affordability pressures will continue this year.
On a more positive note, the REIA said that the resource boom, solid consumer and business confidence as well as increasing returns for investors are positive signals for the year ahead.
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