Rising house prices forecast for 2014
Brisbane looks set to top the list for rising house prices across Australiain 2014, according to the National Australia Bank (NAB) Quarterly Residential Property Survey.
The survey of Australian property professionals highlights key predictions for the housing industry in 2014–15, including rising prices for lower- and top-end properties, owner-occupiers dominating the housing market, and strong demand for inner-city housing and low-rise apartments.
In keeping with Brisbane’s lead, the top suburbs that are forecast to outperform in the housing market this year include Bulimba, New Farm and West End, along with the regions of Caboolture, the Gold Coast and Toowoomba. The average capital-city house price is expected to rise 6 per cent in the year to end of 2014. According to NAB, this is the result of low interest rates, improved affordability, population growth, longstanding supply issues and foreign buying activity.
House prices in Perthare set to rise modestly in 2014 by 2.7 per cent and the top suburbs that are likely to experience growth include Maylands, South Lake and Subiaco, along with the nearby city of Mandurah. The survey reveals middle/outer-ring houses will remain the most sought after and demand is expected to increase further.
Melbourne is expected to be among the best performers in the country with a 3.2 per cent rise in house prices. Inner-city housing and low-rise apartments in suburbs such as Cheltenham, Frankston, Glen Iris,Hastings,Richmondand Toorak will drive demand and boost the housing market.
Meanwhile, in Sydney, house price gains will rise 3 per cent and the best-performing suburbs will be Darlinghurst, Dulwich Hill, Marrickville and Potts Point, along with Blacktown,Liverpool and Penrith in Greater Western Sydney.