An Australian property investor is launching a website for the sale of Australian-made homes.
The Real Estate Agents Association of Australia (REAA) is seeking to sell homes on the open market for a price of $1.6 million, with up to 15 per cent equity, according to the REAA website.
The REAA’s website is a joint venture between the Real Estate Association of NSW (REANS) and Real Estate Investment Trust (REIT), the Australian Investment Company (AIC) said in a statement.
The website allows prospective buyers to browse and find potential homes.
“A lot of our members have been in the property market for the past 20 years and they have grown quite accustomed to looking at houses in Sydney, Melbourne, Brisbane and Sydney.
They know that if you are a big property owner, you will need to be a big house buyer to make the market work,” said AIC managing director of real estate, James Brown.
The average price of a home sold in Australia in 2017 was $2.8 million, according the Realestate Council of Australia.
The number of people buying homes in the country fell from 2.3 million in 2020 to 1.8 and the number of new homes sold dropped from 940,000 in 2020, to 906,000 last year.
“The Australian house market is still in the very early stages, but we do expect house prices to continue to rise in coming years and we have already seen a lot of the country’s capital cities experiencing house price increases,” said Brown.
“Our members are looking for a house to build on the back of a strong economic growth and we want to be part of the success.