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Property market still buoyant: RP data

Property market still buoyant: RP data

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The housing market will remain strong into 2010 even if the Reserve Bank’s decides to hike rates at the next meeting, RP Data’s head of property research Tim Lawless said.

And, according to Mr Lawless, investors represent the richest pickings for real estate agents.

Data from the Australian Bureau of Statistics showed investor finance commitments climbed 7.8 per cent in August.

“On top of this, property values have risen by almost 8 per cent over the year and in the month of August alone, values rose by 1.9 per cent which is the largest monthly increase since the RP Data Rismark International indices began in 2005. As property prices climb, investors inevitably return to the market,” Mr Lawless told Real Estate Business.

“With interest rates rising and first home buyer demand winding back it is likely we will see a more sustainable rate of growth leading into 2010.”

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Property market still buoyant: RP data
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