The national average price for residential real estate has beat the one million dollar mark for the first time. The mean value of real estate in Australia is now $920,100 according to Domain’s latest House Price Report. Domain chief economist Andrew Wilson said the $20,000 jump was driven by strong growth in capital city markets over the past quarter.
The main reason for the current upward trend in property prices is mainly driven by the low-interest rates and continued demand in the market. A low-interest rate is a contributing factor to the increase in property prices. As the interest rate falls borrowing money becomes cheaper, so people are willing to pay a higher price for a property.
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