Thankfully Australia has managed to weather the economic downturn quite well. Along with Canada they have felt the 'credit crunch' allot less than other countries around the world. Due to stricter lending rules and more land available to build homes, Australia did not see the 'Boom' which other countries experienced in 2004 - 2006.
Financial specialists seem to think that next year property prices will fall by between 5 and 10% and an increase on values will not be seen until at least 2011.
Four main factors will affect the Australian property market. These are debt, employment, global economy and house price stability. Unfortunately throughout Australia debt is at an all time high and the amount of buyers will drop as they cannot afford to get themselves into more debt.
Throughout Australia, unemployment rates are rising. Due to the global economy many businesses are playing safe and many full time employees have been changed to part time thus saving the company on wages, tax and health care expenses. Redundancies will also increase if the economy does not pick up.
Thankfully during 2009, Australia property market managed to maintain a solid ground and if the Australian Government can keep interest rates low and hold back on repossessions then an increase on property prices should be seen in a couple of years.
Thankfully, banks are working with customers, and to bring back the economy are allowing customers to keep their homes. Large amounts of overvalued repossessions, if held by the banks, will surely see the market fall.
Although reserved, overseas buyers are still evident. Like any investment, real estate has its upsides and downsides but in Australia, extra taxes and fees associated with owning property are kept fairly low.
Foreign investment is important to any countries economy. Australia has therefore made purchasing property fairly straightforward. Although agreement has to be sought from the Australia Government, which can be timely but straightforward, but after that the process is fairly simple.
Whether you are buying residential properties or commercial properties, Australia will no doubt ride the storm for the next few years and will prove to be a good country to invest in. - 29969
Financial specialists seem to think that next year property prices will fall by between 5 and 10% and an increase on values will not be seen until at least 2011.
Four main factors will affect the Australian property market. These are debt, employment, global economy and house price stability. Unfortunately throughout Australia debt is at an all time high and the amount of buyers will drop as they cannot afford to get themselves into more debt.
Throughout Australia, unemployment rates are rising. Due to the global economy many businesses are playing safe and many full time employees have been changed to part time thus saving the company on wages, tax and health care expenses. Redundancies will also increase if the economy does not pick up.
Thankfully during 2009, Australia property market managed to maintain a solid ground and if the Australian Government can keep interest rates low and hold back on repossessions then an increase on property prices should be seen in a couple of years.
Thankfully, banks are working with customers, and to bring back the economy are allowing customers to keep their homes. Large amounts of overvalued repossessions, if held by the banks, will surely see the market fall.
Although reserved, overseas buyers are still evident. Like any investment, real estate has its upsides and downsides but in Australia, extra taxes and fees associated with owning property are kept fairly low.
Foreign investment is important to any countries economy. Australia has therefore made purchasing property fairly straightforward. Although agreement has to be sought from the Australia Government, which can be timely but straightforward, but after that the process is fairly simple.
Whether you are buying residential properties or commercial properties, Australia will no doubt ride the storm for the next few years and will prove to be a good country to invest in. - 29969
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