Australian house prices to 'remain steady'
People looking to make the transition to home ownership this year may be interested in a recent forecast that lists Australia as one of the most stable global housing sectors.
According to predictions from credit agency Fitch, Australia is among one of three markets which are "finally expected to turn a corner in 2013".
Germany and the US are also expected to turn a corner, with conditions improving for buyers and sellers alike.
"Fitch expects stable house prices [in Australia] in 2013, although some areas may still continue to decline," the agency said in its latest residential mortgage briefing.
But the company went on to add that home buyer activity would remain restrained, despite the increasing level of affordability of residential property.
"On a relative scale, the Australian housing market appears expensive, however the combination of house prices falling 4.1 per cent from the peak in quarter two, 2010 and the RBA cutting the policy rate over 12 months to October 2012 has eased pressure on affordability levels."
Fitch said it holds "substantial concerns" for the Eurozone markets of Spain, Portugal, Greece, Ireland and Italy, which are still in a precarious economic position.
The forecast comes after the Housing Industry Association predicted house prices will see "modest growth" in the year ahead, with Sydney and Perth leading the trend.