Over the December quarter, property price growth rose by 1.9 per cent when compared to the previous quarter. According to the Australian Bureau of Statistics figures, this level was 6.8 per cent higher than the same time 12 months earlier, with Housing Industry Association senior economist Shane Garrett stating that dwelling prices were resting at a sustainable level for the future.
This could be great news for anyone interested in purchasing real estate in Brunswick, following last year's explosive growth across the nation. Now could be a good time to start looking into the local market for a slice of new home in Victoria.
"In inflation-adjusted terms, the rate of home price growth is now around 5 per cent annually. This is exactly the kind of home price growth that prevails over the long term. Australian home price growth is now striking the right balance," said Mr Garrett in a 10 February statement.
Mr Garrett also said that during 2014, the nation saw new home commencements reach a record high. This has been a significant factor when looking into the nation's housing affordability, as well as a key part of addressing the demand for new housing in across the country.