The first six months of 2013 will see NSW and Queensland lead the continued stabilisation and improvement of the property market, according to the First National Real Estate 2013 Property Market Outlook.
Of the 400-plus members surveyed, a majority believed NSW and Queensland would see the most considerable improvement in market conditions, at 62 per cent and 65 per cent respectively.
Whilst sales volumes are expected to increase nationally, state chairs predicted NSWs (72 per cent) and Queensland (78 per cent) to see the bulk of this growth.
“Our members are looking forward to 2013 where the market is expected to build on the momentum already seen over the last six months of 2012,” Mr Ray Ellis, CEO of First National Real Estate, said.
“Particularly optimistic are the states of Western Australia, New South Wales, Queensland and Victoria.”
The investor market is expected to be the most active sector for these states – 39 per cent of First National members forecast this to be the strongest growth sector in New South Wales and 44 per cent in Queensland. The report also stated the entry level market will be the most active sector for investors in these states.
Earlier on in December, Real Estate Institute of Queensland (REIQ) CEO Anton Kardash said the succession of rate reductions by the Reserve Bank was also helping to increase confidence in the market.
"The Queensland market has been improving throughout this year, which can partly be attributed to lower interest rates," he said. "More importantly, though, confidence levels have improved and pent-up demand is starting to be released through increased sales activity."
The 2013 Property Market Outlook cited improved affordability, increasing demand, stronger competition and slightly strengthened consumer confidence as the main reasons for a gradually improving market.