Saturday, 16 February 2013

An Improving Real Estate Market in Australia

Latest Research Indicates An Improving Real Estate Market in Australia

Author: Paul Fenech
There are only a few countries in the world where natural beauty and standard of living both are equally rich. Australia is one country which has always been known for having best of the both worlds. According to surveys, Australia is one of the most preferred countries for living. The latest improvements in the real estate market of the country are supporting the surveys greatly.
How Things Are Looking?
According to the recent researches, the overall growth in the Australian real estate market is eyebrow-rising, but it's not surprising. The overall growth in the real estate market, comparing to the last year, is about 5.4% in average. In some cities of the country the growth is around 2.5% when it's 14% or even more in a few cities. This astonishing growth is not the result of only one thing, but there are multiple reasons behind it. The increasing population, the growing average income of people, and the need for new homes are a few of the main causes behind the growth. Whatever the reasons are, this is the best time in Australia for investing in real estate.
The Reasons:
Several reasons contribute to the rapid growth of the Australian real estate market. The growth is increasing by a good amount each year. According to the researches and the real estate experts, the main reason behind the growth is new households. According to the researches, the most number of new homes in Australia is built or bought by other people who are starting new families or people with new jobs. Not to mention, most of these people are young Australians who are starting their own life and family. As the employment and lifestyle facilities are improving in Australia, the number of new home buyers are increasing too.
However, the new houses are mostly rented than purchased. A costly home loan deters Australians to purchase a property. Some of the large real estate companies provide the home loan facility for new buyers, but they have many restrictions due to the risk factors involved. Because of these reasons, the number of renters of new homes is increasing mostly. However, in some parts of Australia, the real estate companies are developing standard homes for affordable prices. The suburbs are the areas where the homes are sold mostly for this reason.
Immigration is yet another popular reason for the expansion of the real estate market in Australia. Each year, several hundred of immigrating families begin their new life in Australia, which is the result of the improving standard of life in the country. The Australian government has easy regulations against it. So, the new immigrated families are buying new homes in Australia. The growth will only go higher from here on.
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About the Author
Along with working as a property manager in Croydon real estate industry since last 25 years, Paul Fenech takes interest in researching about real estate trends and educating people about investing & financing for their investment. Croydon, Wonga Park, Moorool Bark, Warranwood, Montrose, Chirnside Park, Mount Evelyn are some regions where Paul Fenech and His team operates.