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% [