NSW, WA and Qld property markets to bounce back
The property markets in New South Wales, Western Australia and Queensland are making a comeback, inching back to previous levels, a recent report has revealed.
While house values continued to fall across the country last month, The Residential Property Prospects, 2012 - 2015 report from BIS Shrapnel said the two mining-rich states and New South Wales were emerging from their lows and showing positive signs of recovery.
While the report's findings will be welcomed by those looking at buying property on the east and west coast, the outlook is not as great for the rest of the country.
In Tasmania, the Australian Capital Territory, South Australia and Victoria an apparent housing over-supply will impede the property market revival. Due to a surge in residential construction after the global financial crisis, these areas will take longer to recover, the report added.
BIS Shrapnel senior manager Angie Zigomanis explained: "With the local economic and employment outlook becoming more positive and some stabilisation and improvement overseas, purchasers are forecast to wade back into the market in greater numbers, translating to greater sales volumes and a pickup in price growth over 2013/14 and into 2014/15."
Ms Zigomanis said with increased activity in the housing sector over the coming years, factors that could impede on the recovery was the rise in first homebuyer demand and an influx of migrants into the country.