The property market is well and truly past the bottom of the cycle, with solidly growing buyer activity being seen across a majority of the capitals according to a new report.
Rising confidence, solid economic performance and low interest rates are largely behind the recovery, Australian Property Monitors found in their Housing market report/Capital City Market Report July 2013.
The national housing market “has clearly recovered” the report notes, with the median house price across the capitals at $555,657 – the highest ever recorded, at an increase of $18,037 (3.4 per cent) over the year.
While there is patchy performance from some of the capitals, such as Brisbane’s outer suburb seeing subdued activity and Hobart remaining 2.1 per cent down over the year, overall the trend is on the up.
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