Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that 2012 saw a general stabilisation in Australian residential property prices which in turn may provide a strong platform for moderate growth in 2013.
“Century 21 believes that low interest rates, good stock levels and recent price stabilisation in many Australian property markets may, in combination, lure many buyers into the market in 2013,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
“The Reserve Bank’s four interest rate cuts last year should encourage the market, and with more cuts potentially on the cards, yields on many property investments may further improve which could also lead to a lot of new buying activity from property investors.
“However, the fragility of the global economy and local consumer confidence will likely be key impediments to the market achieving the type of growth we saw pre-GFC.
“While each individual market should be assessed on its merit, there would appear to be many prevalent market conditions that may prove to be very attractive to buyers in 2013,” concluded Charles Tarbey.
RP Data-Rismark recently released their end-of-year housing data for 2012 which showed that capital city dwelling values eased 0.3 per cent in December, to be down 0.4 per cent over the year.
The company noted that while capital city home values remained 5.7 per cent lower than their historic highs of November 2010, dwelling values were up 1.8 per cent from their low of late May 2012.