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‘Growth Phase’ for Australian Property Market

By Kevin Kelly

The past 12 months have proved a turbulent time for the Australian property market, but the latest analysis suggests that it has finally entered a period of growth.

The Bendigo Bank/REIA Real Estate Market Facts report for the September quarter identified a number of trends in the national property market, which may reflect the situation for real estate in Bunbury South.

Looking at the nation's capitals, the report found that the median price increased 3 per cent for houses and 2.2 per cent for other dwellings during this three-month period.

As a result, the weighted average median house price for all eight capitals now stands at $562,503, showing that strength is starting to return to the market.

Peter Bushby, president of the Real Estate Institute of Australia, responded positively to the data, which may suggest that now is a good time to purchase real estate in Eaton.

"For the next year we expect interest rates to stay relatively low and continue to assist the market.

"We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge," he added.

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