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December 8th, 2010
Real Estate Japan Note: Coldwell Banker Barrier Reef Realty is a partner site of RealEstate.co.jp’s advertising properties in Australia.
The Australian real estate market has survived the Global Financial Crisis much better than the rest of the first world. Despite the recent 6 consecutive interest rate hikes by the Reserve Bank of Australia, the market continues to outperform other commodities, including shares.
2006 was the peak of the market in Far North Queensland which has seen a significant correction over the last 4 years. Property prices have decreased as much as 40% from initial asking prices to show an increased motivation by vendors. Buyers, looking for a long term hold (3 – 5 years), are experiencing the ability to neutrally gear a property, if not positively gear it. This is due in large to the decrease in asking prices and the increase in rental returns. Also, outgoings, i.e. body corporate levies & council rates have become more reasonable as well.
Granted there is a large amount of stock available to prospective purchasers and the savvy are picking and choosing the best investments. Unrealistic vendor’s properties are reminaing for sale for months, if not years, and they remain owners.
All in all, Australian real estate is not only beautiful, but within a country with the land mass larger than the United States and near the size of China, expected to grow by 50% in 20 years. Basic economic principles of supply and demand will govern the Australian real estate market and whilst it is cyclical, property time over time has always proven to be a beneficial investment.
We at Coldwell Banker Barrier Reef Realty pride ourselves on quality, service, and integrity. We work with only the finest selection of properties in Far North Queensland and have a loyal client base, who trust our expertise.
Josh Mezger is the Director of Project Marketing at Coldwell Banker Real Estate in Cairns. For a selection of his fine properties, please contact Josh at email@example.com or +61 488 0388 05 or visit his website at www.cbbr.com.au or his Facebook page at http://www.facebook.com/jmezger
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