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Australia Condominiums and Real Estate
For those living in Australia, these have been great times for any real estate investor in many of the major cities including: Sydney, Melbourne, Perth, Brisbane, Darwin and more. With unprecendented growth in the east followed by the west, many of these Australian cities are seeing many more pre-construction condominium developments and new condo projects springing up along both coasts to provide luxurious waterfront living spaces.

Australia Major Cities show universal rises
House prices in all capital cities climbed during the year to September 2006, according to Australian Bureau of Statistics (ABS) figures, making it the first annual period showing universal growth for more than two years. Published in API – January 2007 edition.

Sydney had been the key real estate market recording a negative annual growth rate in recent years but the 12 months to September 2006 it saw a growth of 1.4 per cent, the ABS’s House price Index showed.

This meant the biggest real estate market in Australia was moving out of the bottom of its cycle, said PRDnationwide national research director, Tim Lawless. A hint of capital growth returning to the real estate market for properties would combine with increasing rental returns to draw increasing numbers of real estate investors, he said.

“Sydney is looking to be one of the more likely investment hotspots in the near future, as the recent real estate price falls have provided a platform for future growth in real estate,” Lawless said.

The resource-intensive markets of Perth and Darwin led growth rates over the year to September 2006, although all other capitals except Sydney experienced real estate growth above 5 per cent. Lawless predicted the resource-driven real estate markets would continue to see the strongest growth.

The prestige real estate market would also continue to travel well, as these buyers were less affected by changes to interest rates and affordability. In addition, he tipped the lower end of the real estate market to continue to move quickly.

Change in established real estate house prices in Australia

  June – Sept Qtr 2006 Sept 2005 – Sept 2006 Qtr
Sydney 0.2% 1.4%
Melbourne 1.7% 7.5%
Brisbane 0.9% 6.5%
Adelaide 0.6% 6.4%
Perth 10.1% 45.9%
Hobart 1.5% 9.4%
Darwin 3.1% 17.3%
Canberra 3.8% 10.5%
Weighted Average of
8 Capitals
2.2% 9.5%

Source: ABS

New Home Sales of Real Estate in Australia Bounce
Sales of new homes rose marginally in October after five falls in six months according to the Housing Industry Association (HIA).

Strong improvements in east-coast markets drove new real estate homes and unit sales up 1.3 per cent to 7434 dwellings, HIA executive director of housing and economics Simon Tennent revealed.

“New detached house sales were up strongly in New South Wales, Victoria and Queensland in October but the accelerating house price growth and land constraints in Western Australia continue to see the new home sales market struggle to meet the needs of first homebuyers,” Tennent said.

He said October’s jump in sales came just before the third interest rate rise of 2006. “The real test will be in the first quarter of 2007 when the combined effect of three interest rat rises start to squeeze household budgetrs, particularly in the resource-poor states.”

Lending | Borrowers Shift to Fixed Rates
Australians are increasingly opting to fix the interest rates on their home loans, lending data from broker Mortgage Choice shows.

Demand for fixed loans remained around or about 30 per cent for the 12 months to November 2006, Mortgage Choice said, the first annual period in recent history where it had done so.

“It appears that with affordability an issue, many borrowers are prepared to secure some sort of immunity from the impact of further rate rises by opting to take out fixed rate loans,” said Mortgage Choice national corporate affairs manager Warren O’Rourke. “With three interest rates rises (last) year, the continued historically high level of demand for fixed rates is understandable.”

33% of Australian borrowers choose fixed rates (12 months to November 2006).

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