Capital cities 2012 growth forecast
While none of Australia's capital cities are expected to boom this year, RP Data's Tim Lawless has told Smart Property Investment's sister publication The Adviser that Perth and Brisbane will enjoy a slow recovery.
“To see any significant growth over any capital cities will be quite unexpected," RP Data's research director Mr Lawless s
“Both Perth and Brisbane have strong population growth and strong employment markets in the resources sector… and also the fact that both these cities have an under supply of homes will place some modest upwards pressure on prices.”
But while Brisbane and Perth are expected to enjoy slight property price growth, Mr Lawless said other cities wouldn't be quite as lucky.
“Darwin [property prices] over the past decade have increased about 10 per cent year on year - absolutely amazing results. But Darwin has slowed down in line with capital cities in the past year, partly because affordability is starting to bite.”
Mr Lawless said Darwin would more than likely flatline thorughout 2012.