After a year of doom and gloom the property market is now looking to a new bright horizon. Property experts who had previously reported that the latest interest rate rise would dampen the market have made a complete turn around.

Real Estate sales on Saturday 12 December totaled nearly 1 billion dollars. Many Real Estate agents through out Australia say that they boom is being spurred by the population growth and interest rates still at record lows regardless of the rate rise. Queensland with its strong population growth should benefit.

“It is looking increasingly clear that Australia has avoided the large falls in house prices seen in some other countries over the past two years or so,” said Tony Richards of the Reserve Bank of Australia (RBA), the central bank.

The Australian Property Market weathered the Financial Crisis well for a number of reasons. A couple being a severe housing shortage, high lending standards, record low interest rates and the FHOG (First Home Owners Grant).

Shawn Kristofer