Australia Property Market set for good year

The most recent news out of the Australian property market indicates that 2010 should be a strong year. Better-than-expected data on the housing sector has many people involved in real estate down under saying that this year will be red hot.

Building approvals rose 5.9 percent in November to a seasonally adjusted total of 13,724 units. That is up from 12,962 units in October, according to the Australian Bureau of Statistics. One economist, Adam Carr of ICAP, said that “Australia is going to be red hot in 2010.”

“I know that this is November, 2009 data, but we have all the conditions to see a very strong housing market – low interest rates, we saw 100,000 jobs created in the last few months, and a housing shortage.”

While the year ahead looks to be a strong one, some analysts are expecting an interest rate hike from the RBA, the country’s central bank. The RBA is scheduled to meet next on February 2.

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