Housing recovery ahead
Perth, Canberra and Darwin are set to reach their highest median prices ever in early 2013, according to Australian Property Monitors (APM).
According to Dr Andrew Wilson from APM, data released over January shows that the national housing market has moved into recovery mode.
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“APM data revealed that national house prices rose by 1.9 per cent over the December quarter to be up by 2.1 per cent over 2012,” he said.
“All capital cities reported rises in median house prices over the December quarter for the first time since March 2010.
“Of the major capitals, the top house price performers over the quarter were Perth up 2.5 per cent, Melbourne up 2.4 per cent and Sydney up 2.0 per cent.”
But one of the highlights of recent figures, according to Dr Wilson, is that Sydney has reached a new record for median pricing.
“The Sydney housing market highlighted its resilience recording its highest ever median price for both houses and units over the December quarter.
“All other capitals remain below their previous price peaks although on current trends Perth, Canberra and Darwin will reach these milestones sooner rather than later in 2013.”
The APM house price data was confirmed by the latest Australian Bureau of Statistics established house price index for the December quarter which revealed almost identical results.
“Although housing market performance remains patchy and mixed both between capital cities and within capital city submarkets, buyer activity and confidence is clearly on the rise.
“Expect this trend to continue through 2013 in most markets although much will depend as usual on the performance of the economy,” Dr Wilson said.