Property values are set to rise in cities across the nation, according to a survey of analysts by comparison website Finder, building on the small gains seen in recent months.
In the latest Finder RBA Cash Rate Survey, experts gave their forecasts on 12-month change of property prices in capital cities – and, on average, most expect markets will rise over the next year. Graham Cooke, insights manager at Finder, says: “Most foresee small levels of growth across the board, but a few tipped prices to fall, especially in Sydney and Melbourne. However, after one of the strongest weekend clearance rates in Sydney in recent months (71%), there is definitely a detectable pulse in the big city markets.”
Canberra came out on top with the highest predicted growth on average, followed by Hobart and Brisbane. CBA Senior Economist Gareth Aird says his analysis of the latest price data is positive. “I think these latest numbers are actually going to be the start of a trend,” he says. “We are seeing some modest rises across Australia’s biggest capital cities.”