According to the Australian Bureau of Statistics property prices in Brisbane rose by 2 per cent in the December quarter, giving an overall rise of 3.4 per cent for 2005. The big action for the year was in Darwin, with a whopping 23.2 per cent jump for the year. However, in Sydney things went downhill by 3.9 per cent, though they did manage a slight rise of 1 per cent in the December quarter so maybe things are starting to turn around.
Overall we’re probably looking at a fairly steady 2006 across Australia, with Housing Industry Association chief economist Harley Dale saying that it’ll be another three years before we see another substantial rise. However, if you’re holding out for a further drop in prices, well I reckon you’re out of luck. Get in there, buy something, and join the mortgage generation.