Australia residential sector still growing: REIA

As the year 2013 is about to end, after talks and concerns of a Property Bubble bursting because of the trends in property, the sector is still stronger than ever. In fact, the Real Estate Institute of Australia (REIA) believes that the Residential sector is still undergoing growth and is not on a downward spiral.

The demand for property has been on a staggering high, with several records broken along the way. For properties sold under the hammer, this year has outperformed expectations as it shattered clearance rate records and boasts of the most properties sold over the weekend in history.

House prices throughout the nation have increased by 9.5% and the median home value across the 8 capital cities are at $562,503. This shows clear and steady interest from investors. Is this set to continue as we enter a new year? No one knows. But the trend clearly shows that amidst talks of the residential sector failing, it is performing well and it is here to stay.

Read more about this on the Smart Property Investment website.