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Australian house values managed to grow by just under three per cent in the year to November, according to figures released by Residex this week.
The median value of the Australian home grew 2.97 per cent, Residex said, to $398,500. This compared to growth of 9.88 per cent in the year prior but was a strong result compared to share markets which lost around 40 per cent in value over 2008.
The median unit value grew by 3.94 per cent; this compared to 6.41 per cent in the 12 months to November 2007.
Residex said it expected capital growth to remain subdued for the next five years, given the current economic climate.
It forecasts Australian houses and units to grow at an average rate of 2.96 and 1.49 per cent respectively per annum over the next five years.
