In June of this year, Australia real estate market has experienced a rapid fall for the first time in five years. The reason was the weakening of the country’s economy and fears associated with the growth of interest rates.
Recently, a number of Australia were a strong flood. As a result, in these areas, housing sales decreased by 17%. The fall of the market in other regions of the country amounted to 6%.
According to experts, the fall of the real estate market is increasingly intensifying, in Europe only real estate on the Cote d’Azur is distinguished by a more stable position. In Australia, the situation will not even be able to save the maintenance of current interest rates at the current level.
Currently in Australia there is a rapid development of the mining industry. In this regard, the unemployment rate has sharply reduced in the country. But even these favorable factors in the economy cannot yet turn the situation. Citizens of the country are gradually calculated with old debts and expect changes in the economy for the better. Meanwhile, the high course of the Australian currency aggravated the situation. Now the real estate content has become too expensive even to most foreigners.