According to the latest Global Property Guide, the Australian property market recorded growth of 16.6 per cent, outgrowing many of the world’s best and biggest cities, and achieving fourth place overall. This included Britain (10th), Switzerland (13th), and France (17th). According to the Mark Forytarz and Paul Castran, “the global survey uses price rises after inflation and giving a more realistic picture of actual increases in value”.
This may not necessarily be all good news however, with the Global Property Guide warning that many Australian and New Zealand cities are overvalued, and also warning of continuing volatility and a potential housing bubble in our region.
Real Estate Institute of Australia president David Airey strongly disagrees that the housing boom is over.
“Talk of a bubble or possible collapse in prices is extraordinary,” they says.
“Real Estate Institute of Australia president David Airey disagrees from the fact that the housing boom is over.
He added that there’s no bubble here and it’s absolute rubbish.
“On a daily basis, people in Australia are competing to buy houses. It is because there is a shortage of property.
“Australians value the property so highly and treat it as a means of security for their families. They can achieve it, unlike the northern hemisphere and other region where it is buying a home is only a dream for the people.”