Australian Property Market Is on the Upturn
Things are looking good for the Australian property market, and the economy in general. According to a recent podcast presented by CB Richard Ellis, over the last 12 months, Australia has added over 300,000 jobs, which leaves the country with a lowered 5.2 percent unemployment rate – well below other averages around the world. Although the economy seems to be picking up, consumers and investors are still somewhat reserved and lack confidence in the market. While some think Australia is climbing out of the economic downturn, others still fear a douple-dip recession is on the horizon.
While Australian commercial property transactions were 38 percent lower in first half 2010 than in first half 2009, there is still some sales movement, mostly to foreign buyers. Some significant sales in the office sector were made by first-time purchasers, such as Korea's purchase of a AU$658 million office buildin