Australia is renowned for being a place of beauty. It is, quite frankly, one of the nicest holiday destinations in the world. Australia is lucky enough to have amazing weather, wonderful tourist attractions and a whole host of animals that you will struggle to find in other places. If you can get over the variety of scary creatures about, Australia is certainly the place for you. With that being said, Australia may also be the place for you if you are looking for hot property. According to some reports, property investment in Australia is improving. Nonetheless, it has been argued that Australia may be heading towards a recession. Let us, hence, briefly explore whether or not business is booming in Australia.
According to Tim Lawless, the head of research at Corelogic, the decline in house prices is slowing down in Australia. In fact, house prices have actually increased in Adelaide by 0.2% month on month. It seems, therefore, that though things may have been tough in the past, they may once again be improving. Furthermore, the Australian property market may be on the rise as house prices are beginning to increase.
However, certain statistics suggest that the Australian economy is beginning to have a bit of a wobble. Statistics have shown a severe drop in the number of hours worked, as well as an increase in underemployment levels. These will have severe effects on the labour force and on the economy in general, hence meaning that less growth will take place. Thus, we may see the Australian economy heading towards a recession if this is to continue.
In conclusion, though the housing market in Australia seems to be stabilising, the problems with underemployment could have adverse effects and lead to further declines. It is essential, therefore, to find solutions for these problems, in order to maintain a strong property market in Australia.