Consumer sentiment sitting on a high
Confidence appears to be returning to the residential property sector, with recent data indicating that consumer sentiment is high across the country.
According to the RP Data Property Pulse, capital city real estate prices dipped by 0.4 per cent in 2012, however, this trend didn't appear to have an impact on the number of people entering the property market.
"Transaction volumes to October 2012 were 21 per cent higher than they were a year earlier, indicating that consumers are once again starting to spend on housing," RP Data said.
And the outlook continues to improve for the real estate sector, with consumer sentiment consecutively improving over the last three months to January.
"A sustainable recovery in consumer sentiment is likely to provide quite a positive outcome for the housing market," the report said.
RP Data went on to say that the latest Time to Buy a Dwelling Index recorded 140 points in January - a positive result that shows most respondents feel conditions are favourable to enter the market.
Generous first time buyer incentives in many states, combined with record low interest rates may spur more people to take the plunge and purchase real estate.