The property market is set for a solid 2014, according to Australian Property Monitors’ State of the Market report.
Dr Andrew Wilson, senior economist at Australia Property Monitors, said despite some economic uncertainty, solid early-year growth in Sydney, Perth, Darwin, Brisbane and Hobart is likely to drive a national median house price increase.
“Within an uncertain economic outlook, it is expected the national median house price will likely increase by between three and five per cent in 2014, bolstered by solid early-year price growth, particularly in Sydney,” said Dr Wilson.
The year 2013, he added, was marked by very different performances across capital city markets around the nation.
“The national housing market continued to recover during 2013 as the impact of the lowest interest rates in 60 years, improved affordability and rising confidence activated homebuyers at varying levels in most capital city markets,” he said.
The report predicts varied market conditions to again be a theme in 2014.
“Mixed-speed local economic conditions will, however, prevail, with underperformances from Sydney, Melbourne, Adelaide and Canberra offset by continued strength in Perth and a solid re-emergence of the Queensland economy impacting on Brisbane and regional markets,” the report said.