Residential housing market holds up despite economic gloom
THE housing market kept its head above water in the March quarter, as Australia was sinking into recession.
Data released yesterday by two of the largest property research groups confirmed residential markets were stable nationally.
Australian Property Monitors and RP Data were at odds as to whether house prices were up or down in Sydney and Brisbane, but they agreed the market had shown remarkable resilience.
"Housing and unit figures show a surprisingly resilient residential property market amidst the global and domestic economic turmoil,’’ APM economist Matthew Bell said.