Australia leading the world real estate
According to a new report by Scotia Economics, Australia is now in the go with the real estate property market. They already overtaken Canada’s to become the most active in the world in the first quarter. Indeed the buying real estate has been shifted to Australia the report added from the survey that Canada’s housing price trend is only fractionally behind Australia’s, Scotia’s Global Real Estate Trends.
“Average inflation-adjusted home prices were up 16.6% year-over-year in the first three months of the year, down from 19.1% in Q4,” said Adrienne Warren, senior economist at Scotia Economics.
He also added that they need to remain rationally buoyant throughout 2010 despite the expectations. Since the house prices depends on the increase rate and the demand and supply in the market. In addition to the report the demand for office space in Canada is on the rise after a significant slowdown in 2009, despite the fact that considerable quantities of new supply will probable drive opportunity rates higher in a lot of major centers. “Improved affordability, low interest rates and government purchase incentives have supported a pickup in sales, which is helping to stabilize prices after the broadly based declines of 2008-2009,” Warren added.
Prices were decreased by almost 1.1% year-over-year in the first quarter compared with 4.6% in Q4.
