When compared to other markets in the region, Australia's property market looks to be second in terms of strength. They are second only to Singapore. Yet there are countries that have emerging property markets that may attract many of the Asian property investors their way. Such countries include India, South East Asian countries and China.
Doug Herzbrun who is head of research at CBRE Investors, delivered this message to key investors from Melbourne. The company is a real estate investment management part of the CB Richard Ellis company.
His message was rather clear. Of all of those countries that are publicly traded, only Singapore had a better, stronger outlook than that of Australia. This information was based on both economic factors and the fundamental property sectors in these countries.
Australia's people on the other hand have become wealthier than they ever had been in the past. This is according to the country's Treasury and the Australian Bureau of Statistics.
Private sector wealth, which does include property investments, was at $8,829 billion at the end of the third quarter of 2007. That number is up some 3.3%.
Per capita wealth in the country topped at a record number. At $418,000 as of the end of September, the country is well up by 18.6% or $65,000 in 2006 at the same time.
