Current Property News: Market Commentary 

The latest figures released by the Australian Bureau of Statistics (ABS) show the resilience of the Australian economy, with a 3.3% increase in gross domestic product (GDP) in the year to June 2010. This is one of the strongest growth rates in the developed world exceeding those in the U.S.A, Britain and most of Europe.

GDP, in seasonally adjusted volume terms, grew 1.2% in the June quarter 2010. This quarterly increase has been the fastest growth rate the country has seen in the last three years. The growth was fuelled by demand for the country's iron ore, coal and other minerals, mainly from China. This demand has contributed to the improvement of both business and consumer confidence and kept household consumption strong.

It is expected that Australia’s annual growth will continue to increase to 4% by the end of the 2012, helped by mining projects such as the Gorgon natural gas venture in Western Australia.