Offshore Guidebook | Real Estate Investor Magazine Offshore Guidebook 2014 | Page 50

AUSTRALIA/NEW ZEALAND Housing Markets Growth in Australia and New Zealand H o u s i n g m a rk e t s i n t he Pa c i f ic a r e experiencing solid growth. During 2013, Australia´s housing market saw its strongest performance over the past four years, while New Zealand’s housing market remains buoyant, amidst strong economic growth. Australia According to Global Property Guide, house prices in Australia’s eight major cities rose by 8.3% during the year to Q1 2014, its strongest performance since Q2 2010. House prices increased 1.48% quarter-onquarter in Q1 2014, the sixth consecutive quarter of gains. Residential construction is surging. In March 2014, dwelling units approved (seasonally-adjusted) soared by 20% from a year earlier, to 15,958 units, according to the Australian Bureau of Statistics (ABS). This performance is somewhat surprising, since Australia´s economy is estimated to have grown by a modest 2.4% [