Australia was spared the worst of the economic crisis, and its property market is now one of the world's strongest. Unlike banks in many other countries like Britain, Ireland and the United States, Australia's financial institutions did not take on large amounts of sub-prime debt, and the country has avoided recession.
Following a modest 1.3 per cent rise in 2008, property values surged 6.25 per cent in 2009, making Australia's housing market the second strongest of 27 surveyed by the Global Property Guide in late 2009.
Rising interest rates won't make it less buoyant estate agents say, because they had been expected.
The best value for money can be found in the country's top suburbs they say, especially those in Sydney. Prices did fall in some of that city's suburbs over the past couple of years, which means they have ground to make up on locations that fared better during the economic “emergency”.
http://globalpropertynews.blogspot.com
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