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Michael Marquette’s “View from the Bridge”: Australia’s Property Boom

You only need to read the headlines with such stories as “Record Bidding”, “Hot Auctions”, to see that the property market is once again red hot. With such record-setting, red-hot fever, however, comes concerns. The issue of affordability equally makes the headlines, particularly with the Reserve Bank of Australia having increased interest rates the last five out of six times that they have met and building approvals either stagnant or declining. Additionally, wages are not growing anywhere near fast enough to keep up with the cost of living.

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Australian Real Estate News Snapshot

Michael Marquette of Marquette Turner Luxury Homes writes in November 2009. Average weekly earnings in Australia are now at $1248.80 AUD for an adult working full time. This represents an increase of 5.4% over the last 12 months and unemployment is remaining well below Treasury estimates at 5.8% – or 669,000 people. This is positive news for Australia although is best considered in conjunction with underemployment which is currently estimated between 10-15%.

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