A lower Australian dollar and record-low interest rates have the potential to boost house prices 'markedly', claims one observer of the property market.
Robert Gottliebsen commented Wednesday on Business Spectator that the gap between Australian and international house prices is narrowing, as growth in US and Chinese house values outpaced those in Australia.
This comes as the value of the Australian dollar has fallen almost 15%, leading Gottliebsen to conclude that a lot of the correction in house prices seen over recent times is being harder felt.
“Our biggest overseas buyers of housing are the Chinese,” he said. “Beijing, Shanghai and Hong Kong dwelling prices have risen… around 10 times the Australian rate. Add to that the Australian currency decline and that means that our dwellings have fallen well over 30% compared to the major Chinese cities.”
Gottliebsen added that in time the lower Australian dollar and the better value it will provide foreign investors should rekindle international interest in our market.
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