Market set to bounce back
The Australian Property Institute has polled analysts, valuers, financiers and fund managers, with the survey finding Sydney is already in the midst of a market upswing and Brisbane is starting to recover.
The Melbourne market, while still in the doldrums, is believed to have reached the bottom of a down cycle that began more than two years ago.
"Over the next two years, residential property in all three cities is expected to move further along the upswing, with Sydney the most advanced," API said. The group cites declining interest rates and incentives targeted at increasing construction and the supply of new homes as influential factors driving demand and "propping up" the market.
Over the past year, dwelling values rose 3.7 per cent in Sydney, 1.6 per cent in Melbourne and 2 per cent in Brisbane, according to RP Data-Rismark.
Last weekend, Australian Property Monitors reported the auction clearance rate hit 79 per cent in Sydney, the best performance recorded in nearly three years. Melbourne's sales level was also a robust 73 per cent, according to the Real Estate Institute of Victoria.
Frequently Asked Questions about this Article…
A survey by the Australian Property Institute says the Australian residential property market is heading into an upswing, with the sector expected to be well into rising prices and activity by next year and to move further along that upswing over the next two years.
Yes. The API survey found Sydney is already in the midst of a market upswing. Over the past year Sydney dwelling values rose about 3.7%, and Australian Property Monitors recently reported an auction clearance rate of 79% in Sydney.
According to the API survey, Melbourne is believed to have reached the bottom of a down cycle that began more than two years ago. Melbourne dwelling values rose around 1.6% over the past year and sales levels have been described as robust.
Yes. The API survey indicates Brisbane is starting to recover. RP Data-Rismark data cited in the article show Brisbane dwelling values rose about 2% over the past year.
The survey cites declining interest rates and government incentives targeted at increasing construction and the supply of new homes as key factors driving demand and propping up the market.
RP Data-Rismark data in the article show dwelling values rose about 3.7% in Sydney, 1.6% in Melbourne and 2% in Brisbane over the past year.
High auction clearance rates point to strong buyer demand. The article notes a 79% clearance rate in Sydney (reported by Australian Property Monitors) — the best in nearly three years — and a robust 73% sales level in Melbourne reported by the Real Estate Institute of Victoria.
The outlook comes from a poll by the Australian Property Institute of analysts, valuers, financiers and fund managers. Dwelling value figures are from RP Data-Rismark, auction clearance data from Australian Property Monitors, and Melbourne sales levels from the Real Estate Institute of Victoria.
Call 1300 880 160
Start a chat
Schedule a call
