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Asia Property Report - November 30 - News
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The resilience of the Australian economy in withstanding the global economic downturn has positioned its residential property market as a safe haven for international investors.
“The fundamentals of the Australian property market are seen as very strong on the world stage,” said Peter Coulton, Sydney-based project marketing director for property advisor Savills.
“The Australian economy has weathered the global financial crisis better than any other developed or advanced economy in the world. Australia has defied the worldwide trend with low unemployment and booming population growth.
“Our real estate sector is enjoying healthy market conditions, in comparison to international markets, with strong demand and limited new supply placing considerable upwards pressure on residential property prices and rentals.” Australia’s leading economic research and forecasting agencies, led by BIS Shrapnel, have predicted the strength of the local property market will see house prices rise by approximately 20 per cent over the next three years.
Central to this forecast is the record low new construction pipeline in Australia at present, which has created a large supply demand imbalance which is only expected to worsen in coming years. Much of this demand will be centred on Sydney, with a forecast 650,000 new dwellings needing to be provided in Sydney alone.
The Australian property market has fared well on the back of the strength of its overall economy, but there is limited new supply coming on to the market. This undersupply will further intensify demand and drive prices and rents upwards.
“Over the past few years, Australian residential property, across all sectors, has shown significant growth and the luxury sector showed around the 10% per year mark. Although there was a minor impact in the past 12 months, the global impacts from the global financial crisis were not felt as strong in Australia due to its stable banking system and strong economic fundamentals,” said Julian Sedgwick, senior associate director, Savills Singapore.
“The feedback we are receiving from prospective purchasers throughout Asia is that they see value and certainty in the Sydney luxury real estate market. While there has been some drop in values at the top end of the market, in the wake of the global financial crisis, this now presents once-in-a-lifetime buying opportunities as the market stabilises and improves,” added Peter.
Source: Savills Singapore
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| Land - Indonesia |
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Apartment / Condominium - Paholyathin 24 |
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House / Townhouse - Malaysia |
Price :
6,500,000 USD
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Price :
200,000 USD
test |
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Price :
600,000 USD
Newly completed in 2008 modern and freehold Semi-D house located 10 minutes drive to Mont Kiara (thru Garden International School) and 15 minutes drive into the KL city centre (thru Jalan Kuching).
GATED & GUARDED development. Three (3) & half floors with built-up area of 4223 sq ft. Four (4) be |
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