Sydney’s residential property market will perform better than other capital cities across Australia with modest growth expected this year, according to RP Data senior analyst Cameron Kusher.
January figures released by RP Data show Sydney units experienced 1.10 per cent annual growth, the highest in the nation, while Sydney houses recorded -3.61 per cent 12 month growth.
“I think Sydney will continue to outperform most other capital cities,” Mr Kusher told Smart Property Investment.
“What we are expecting is perhaps some slight growth in Sydney values over the year,” he said.
Elsewhere across the country, Mr Kusher said he believes the Perth and Brisbane markets will begin to recover, whereas Melbourne will continue to perform poorly.
“It has been five years since there have been any capital gains in that Perth market and maybe towards the end of the year we will start to see a bit of a recovery in the Brisbane market,” Mr Kusher said.
“Melbourne values increased 45 per cent from 2007 and I think we’ll see Melbourne be one of the weak performers, much like what happened with Perth and Brisbane following the boom periods,” he said.