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Despite a sluggish second half of the year, Australia’s property market performed surprisingly well in 2010, new research has found.
According to the latest data from Australian Property Monitors (APM), Australian property prices grew, on a national average, by 5.3 per cent.
In addition, auction listings increased by 38 per cent nationally this year, with vendors, particularly later in the year, attempting to take advantage of semi-strong market conditions.
However the housing affordability issue that currently plagues the nation forced many buyers out of the market and sent auction clearance rates down from 74 per cent at the beginning of the year to just 54 per cent.
Despite this, the prospects for 2011 remain positive.
“The economy will continue to strengthen on the back of an already significant resources boom,” the APM research read.
“The Australian labour market is near full employment and with increased economic activity; skill shortages will quickly emerge and place upward pressure on wages and salaries.”
According to the report, buyer activity is likely to remain restricted for the early part of 2011, but strengthening demand and price growth is likely to appear by mid-year in most markets.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.