The two tiered growth evident across Australia’s housing markets continued in July with Sydney and Melbourne driving home values higher, the latest monthly index shows.
The CoreLogic RP Data Home Value Index increased by 2.8% month on month and 11.1% year on year and the total aggregated value of Australian housing increased by just over half a trillion dollars over the past 12 months to $6 trillion.
New home building in Australia bounced back in the second quarter of 2015 but overall all home owners are paying more in property tax, new figures show.
The number of detached houses beginning construction held steady at a relatively high level, while a rebound in multi-unit dwelling commencements provided the overall lift to reach the highest level for any quarter on record, according to the figures from the Australian Bureau of Statistics.
Farmland in Australia and NZ: Where water means value
Foreign investment in Australian farmland and related businesses is coming under closer scrutiny.
About 11% of Australia’s agricultural land is foreign-owned, with the highest proportion (24%) in the Northern Territory. On 1 March the Australian government brought in new rules which mean that foreign investors buying farms and land in the country have to seek its prior approval.
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