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Collapse in price of property 'is unlikely'

The price of property in Australia is not likely to collapse in the near future, Tim Lawless of RP Data has asserted.

It is unlikely that the price of Australian property will collapse in the near future, a housing expert has claimed.

Tim Lawless, director of property research at RP Data, wrote in a piece on smartcompany.com.au that Australian housing is currently worth more than $4 trillion (£2.6 trillion).

"Our strong belief is that a collapse in Australian home values is unlikely but the rate of capital appreciation recorded during recent years is unlikely to be repeated for some time," he wrote.

Mr Lawless went on to say that the value of the average property in Sydney is 12.2 per cent higher than it was at the high point of 2004.

He explained that this is thanks to strong gains recorded during 2009 and 2010.

Last month, Mr Lawless claimed that Western Australia's Peppermint Grove was the most expensive suburb in the country last year.

The average price of an Australian property in the suburb was $4.6 million.

Posted by Craig Francis

- property, prices, sales

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