Posted on Tuesday, March 1st, 2011 in by Matt Garmony
A property value survey by RP Data Rismark indicated Perth house prices fell 1.5% in January with a 1.6% fall nationally and commented the Natural disasters in the Eastern States of Australia weakend the market which is typically quieter over the summer holidays. The National Australia Bank chief economist, Alan Oster commented the impact from the natural disasters would see Australia’s economic growth contract in the March quarter, which should hold off Reserve Bank interest rate rises (currently at cash rate of 4.75% ) in the short term, however indicated it is likely that borrowers may get two interest rate rises this year.
The impact of the natural disasters in the east has had lesser effect on the Perth property market however, growth in market values is predicted to be slow in the short term, with the upper end of the housing market being the slowest.