Mining states see property revival
The property market outlook in most states and territories across the country is showing positive signs of recovery, a recent survey has revealed.
The latest NAB Australian Residential Property Survey has shown resurgence in confidence in the West Australian, South Australian, Northern Territory and Queensland housing markets.
For those interested in purchasing an investment property in one of Australia's mining states, the recent survey data is likely to be welcomed.
House prices in Queensland are expected to rise by 2.5 per cent and West Australian showed the most positive outlook with a predicted surge in prices by 4.1 per cent over the next two years.
South Australia and Northern Territory house prices are expected to increase by 1.9 per cent in the same time period.
However, while the resource-rich regions of Australia showed a positive outlook in the coming years, the most populated states of New South Wales and Victoria revealed a decline in the property market.
According to the survey, prices in New South Wales will drop by 0.4 per cent in the next two years and Victoria expected to see a 0.7 per cent fall in the same period.