Property prices expected to surge

Property prices expected to surge

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Matthew Sullivan

Sydney property prices are expected to climb another 5 per cent before Christmas.

According to figures by Raine and Horne, properties in the $500,000 to $700,000 range are expected to face the biggest price hike.

Raine and Horne chief executive Angus Raine said with job security relatively high, buyer activity has increased – leaving Sydney’s housing supply in question.

“Sydney’s chronic housing shortage, which is set to hit 200,000 homes by 2013, and buyer demand will push up prices for homes priced between $500,000 and $700,000 by the middle of December,” Mr Raine said.

While Mr Raine applauded the RBA’s decision to leave interest rates on hold for a fifth straight month, he cautioned that a monetary policy tightening closer to Christmas may impact some markets.

“Home owners again dodged the interest rate bullet this month, despite many pundits predicting a 25 basis point increase,” Mr Raine said.

“Likewise, it’s nearly impossible to know what the Reserve Bank Board will do in November and December.”

Matthew Sullivan

Sydney property prices are expected to climb another 5 per cent before Christmas.

According to figures by Raine and Horne, properties in the $500,000 to $700,000 range are expected to face the biggest price hike.

Raine and Horne chief executive Angus Raine said with job security relatively high, buyer activity has increased – leaving Sydney’s housing supply in question.

“Sydney’s chronic housing shortage, which is set to hit 200,000 homes by 2013, and buyer demand will push up prices for homes priced between $500,000 and $700,000 by the middle of December,” Mr Raine said.

While Mr Raine applauded the RBA’s decision to leave interest rates on hold for a fifth straight month, he cautioned that a monetary policy tightening closer to Christmas may impact some markets.

“Home owners again dodged the interest rate bullet this month, despite many pundits predicting a 25 basis point increase,” Mr Raine said.

“Likewise, it’s nearly impossible to know what the Reserve Bank Board will do in November and December.”

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