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HOUSE SALES UP 32%
Wednesday, October 14, 2009
The property market rebounded in the past year with house sales up by almost a third across the nation, a leading analyst says.
The number of houses sold across Australia was 130,000 in the June quarter, up 32% from the corresponding period in 2008.
RD Data national research director Tim Lawless said Perth had the greatest growth in sales of all capital cities in the past year.
Sales of houses in Perth were nearly 60% higher in the June quarter compared to correspding period in 2008, sales in the June quarter last year were nearly 70% below the five year average.
"The future is looking brighter for Perth with the resource sector once again picking up and a modest degree of capital growth returning to the market" Mr Lawless said.
Sydney, Australias largest city, had the second biggest rise with sales up 38% on a year before. Brisbane house sales were up 35%, Hobart sales were up 34%, Darwin increased by 32% and Melbourne was up 30%.
The real estate market hit a trough in sales in the September quarter in 2008 before stimuli from the Reserve Bank and the federal government arrested the slide.
Home sales were likely to increase during the September quarter before declining during the holiday season.