Indicators show stable property market in 2005

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INDICATORS SHOW STABLE PROPERTY MARKET IN 2005

The Australian property market will remain stable in 2005 with long -term property investors and home buyers continuing to view it favourably, according to a report released by the Real Estate Institute of Australia (REIA).

“2003 – 04 was characterised by a stabilising housing market, with both owner -occupiers and investors responding to changing demand and interest rate rises in late 2003”, said REIA President, Ian Wells, of findings in the Institute's publication, Australian Property Market Indicators. “There was a gentle and orderly slowdown in house prices in Sydney, Melbourne, Canberra and Brisbane, while Adelaide, Perth, Darwin, Hobart and regional areas continued to catch up with the higher prices of the larger capital cities.”

“The current success of Australia's economy has generated high levels of property investment ”, said Mr Wells. “Looking ahead, the REIA believes that while sound economic fundamentals remain in place, the property market in 2005 will be stable. Long term property investors and home buyers will continue to view the property market with favour, particularly if interest rates remain stable.”