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Australian property prices make surprise recovery, spurred by migrant influx and low supply
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Despite expectations of a continued slump, prices in Australia's notoriously expensive housing sector have begun to turn around.
PHOTO: BLOOMBERG
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SYDNEY - Australian property prices – already considered some of the world’s highest – are rising again, flouting widespread expectations that the market would face a lengthy slump as interest rates soar.
For decades, property prices in Australia experienced a seemingly unending boom, including a rise in average prices in Sydney – the most populous and expensive city – from A$640,000 to A$1.27 million (S$1.13 million) in the past decade.
