Weekly Property Report
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Issue: 261
  
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Market Review
Property 'red hot' in 2010 according to economists
A surge in building approvals in November points to a "red hot" property sector in 2010, but this could be cooled if the central bank continues to lift interest rates, economists say.
Australian building approvals rose 5.9 per cent to 13,724 units in November, seasonally adjusted, from an upwardly-revised 12,962 units in October according to the Australian Bureau of Statistics (ABS).
The rise trounced the median market expectation of a three per cent rise for the month.
Australia is going to be red hot in 2010," ICAP economist Adam Carr said.
"I know this is November 2009 data, but we have all the conditions in place to see a very strong housing market - low interest rates, we saw 100,000 jobs created in the last few months, and a housing shortage."
"Given this is November data, it's a very good signal."
Property of the Week
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"Southbank Apartments" 10 Lower River Terrace, South BrisbaneN/E ASPECT, PANORAMIC CITY & RIVER VIEWS - A large two bedroom apartment with stunning and panoramic river & city views. Whilst in original condition, it does offer the buyer an opportunity to renovate to your personal requirements.
$685,000
"River Plaza" 21 Dock Street, South BrisbaneBEST RIVER & CITY VIEWS IN BRISBANE! - The views from this renovated two bedroom apartment are simply amazing. I do not know of better views in Brisbane.
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"Watermark Residences" 21 Pixley Street, Kangaroo PointOUTSTANDING RIVERFRONT DEVELOPMENT! - A very special property in one of Brisbane's most prestigious and respected residential apartment buildings. The views of the river and city from the massive balcony are truly unbelievable.
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"Riviera Villas" 50 Lower River Terrace, South BrisbaneIMMACULATE RENOVATION WITH STUNNING RIVER & CITY VIEWS! - One of the best three bedroom apartments you will find in South Brisbane. The renovation is outstanding.