All capital cities have increased in median price – its first time in 4 years, according to the Australian Property Monitors (APM). The national median price grew by 9.8% to $597,556 for 2013.
The strong performance for the past year was attributed to the record low interest rates and high demand for property. The sector is still set to perform moderately this year, according to APM senior economist Andrew Wilson.
Sydney leads all capital cities with a 15.1% increase in median price at $763,169. Analysts believe that this is set to taper off as Sydney’s house prices have become unsustainable. Brisbane and Perth are forecasted to outperform all other capital cities due to strong local economies that are foreseen to continue through the year.
Read more about this on the Smart Property Investment website.