NEWS
Housing prices could increase by up to 22% during the next three years, according to a new survey, while the weekend's auction results continue to signal increasing confidence in the property market.
The new BIS Shrapnel Residential Property Prospects 2009 to 2012 report says that "the conditions are ripe for a sustained recovery in residential property prices".
The report claims Sydney, Melbourne and Adelaide will record the largest price increases over the next three years at 19%. Brisbane's prices will rise from $391,000 to $455,000, Perth's will grow from $425,000 to $475,000 and prices in the Gold Coast, the Sunshine Coast and Cairns should rise by 14%.
The report claims that most of the growth in the property market is occurring because of first home owners, but that as the economy recovers more investors will enter the market over the next 12 months.
Meanwhile, auction results have recorded more gains over the weekend, giving weight to claims that the property market is beginning to see some recovery.
Source: smartcompany.com.au
Published: 16 June 2009
