The property market is well and truly past the bottom of the cycle, with solidly growing buyer activity being seen across the majority of the capitals, according to a new report.
Rising confidence, solid economic performance and low interest rates are largely behind the recovery, found Australian Property Monitors in their Housing market report/Capital City Market Report July 2013.
The national housing market “has clearly recovered” the report notes, with the median house price across the capitals at $555,657 and the highest ever recorded – an increase of $18,037 (3.4 per cent) over the year.
While there is patchy performance from some of the capitals, such as Brisbane’s outer suburb seeing subdued activity and Hobart remaining 2.1 per cent down over the year, overall the trend is on the up.
Reproduced in full with permission: Smart Property Investment Property market on the rise 19 July 2013
Attention: This article is intended to provide general information only. Every attempt has been made to ensure the accuracy of this information at the date of publication. The opinions expressed in this article do not reflect those of DHA, its staff or agents. Property prices are subject to fluctuation. Prospective investors should seek independent advice. DHA will not be liable for any loss, damage, cost or expenses incurred or arising by reason of any person relying on information in this article.