Capital city property values expected to increase throughout 2014
After a great year for property in 2013, the latest report from the Australian Property Monitors (APM) has indicated a continued momentum heading into 2014. This could be great news for anyone interested in buying a house in the near future.
Whether as a first time buyer purchase or as another property investment, there are a wide range of opportunities presenting themselves across the nation that couldbenefit smart buyers over the coming months.
According to the APM report, this continued momentum will be largely fuelled by low interest rates. Resting at the historically low level of 2.5 per cent, the official cash rate has helped people to afford home loans in the long term and allowed many keen Australians to become home owners.
Furthermore, aspects like the development of local economies and infrastructure were responsible for the continued growth of cities and townships across the country, creating jobs and opportunities across the board.
The New South Wales capital city experienced some fantastic growth during the last 12 months, with the Inner West, Upper North Shore and Western suburbs recording price increases of up to 29 per cent.
Furthermore, the Inner West has a median house price in excess of $1 million, which is a great result for the real estate market in the region and could be good for homeowners who are considering selling a house in the future.
The future prospects for the city have outlined house prices across the entire region will rise between 5 and 7 per cent, which is another fantastic series of increases to undergo - especially following the stellar year that was 2013.
Victoria's capital city also had a great year in 2013, with Melbourne seeing a substnatial increase in buyer activity, as well as the number of buyer types and suburban regions reporting growth overall. With regards to price growth, the city saw an 8 per cent increase during 2013, the best result since 2009.
Market activity is expected to remain solid through the autumn period, with a predicted median price increase of 3 to 5 per cent during 2014. This could be a great inspiration for anyone hoping to secure real estate in the Victorian capital.
Ultimately, there are varying degrees of growth predicted across all Australian capital cities, which could offer a unique opportunity for potential property investment in the near future.