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Whilst property values in the USA, UK and many western European countries have fallen significantly during the global financial crisis – Australian property values have held up relatively well. In fact median house prices in some Australian markets have actually increased during 2009.
It is interesting to note that Australian property prices experienced some ‘correction’ whilst prices in other western countries continued to climb precipitously in the lead-up to the Global Financial Crisis. In 1999 the Sydney median house price was $295,000 and a peak was experienced in 2004 when the median Sydney price reached $596,000. Today it is around $566,000. Continue Reading
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