House prices set to improve in 2013
After a flat year for the property market, 2013 is tipped to bring a housing recovery, one expert has announced.
Housing Industry Association (HIA) chief economist Harley Dale is forecasting "modest growth" for house prices this year - a trend which will be driven by improving economic conditions.
Mr Dale said 2013 will see the residential real estate sector shift upwards, with Sydney and Perth both set for growth.
"We will see a return to growth rather than the flat market that has been characteristic of 2012, but we won't see any type of growth we were seeing a decade or so ago," he told SmartCompany.
The industry expert went on to add that inner-city suburbs are likely to see the biggest improvement, with more and more Australians favouring the convenience of these locations over their outer-area counterparts.
He also expects that mining areas around the country will perform strongly over the next 12 months.
"We did see in 2012 growth in prices in regional areas that was largely but not solely related to geographical areas that are close to natural resources and you would expect key performing regional areas for prices to be those in or around [the] resources area," he explained.