Real Estate Market Facts – Australia

The Australian weighted average median house price decreased by 1.3% during the December quarter to $442,038 compared with $447,950 in the September quarter 2008. This is a decrease of 6.2% compared to the December quarter 2007 when the Australian property market was at its peak and the Australian weighted average median house price was $471,216.

The Australian weighted average median price for other dwellings decreased 0.3% over the December quarter to $353,575, from $354,700 in the September quarter 2008. This is a decrease of 3.4% compared to the December quarter 2007 when the Australian weighted average median price for other dwellings was $365,977.

Source: Real Estate Institute of Australia

Not-for-profit sector to control public housing

The Australia Federal Government will be moving responsibility for public housing away from the State and Territory governments and into the hands of the not-for-profit sector.

The Commonwealth Government is spending $6.5 billion from its stimulus package on public housing, including building 20,000 new affordable homes.

In a speech to the Sydney Institute last night, Public Housing Minister Tanya Plibersek announced most of those new homes would be owned and operated by the not-for-profit sector.

“A significant proportion of the new stock will be transferred to the community housing sector by 2014,” she said.

She says the deeds will be handed over by July 2012.

Source: Not-for-profit sector to control public housing – ABC News (Australian Broadcasting Corporation)

NAR President’s Podcast The American Recovery and Reinvestment Act

Video podcast, 2009 NAR President Charles McMillan, NAR’s Chief Lobbyist Jerry Giovaniello and NAR’s Chief Economist Lawrence Yun discuss the housing provisions in the new economic stimulus law and their impact on the housing market.