AU Rebound for housing
Property Here - Thursday, April 11, 2013
AUSTRALIA'S housing market is improving. Just don't expect another boom.
Two of Australia's most prominent economists say they expect house prices to grow modestly.
A return to boom times is unlikely, but so is a significant fall in prices.
NAB group chief economist Alan Oster says the property market has recovered from its weak patch in 2012.
"Clearly the market is starting to improve and we would expect it to increase moderately as we go forward,'' he told the Bloomberg Australian Economic Summit.
Westpac chief economist Bill Evans says house prices will rise roughly in line with incomes.
Meanwhile in other property news, renters in Sydney, Perth and Darwin are set to pay more as those cities still lack sufficient housing, a study shows.
However rental growth in Adelaide, Hobart and Canberra is expected to remain subdued over the remainder of 2013, reflecting their weaker local economies, the latest Australian Property Monitors quarterly rental report says.
The blistering rise in Perth house and unit rents continues with fresh research showing landlords in the city have jacked up rents by 4.3 per cent and 3.8 per cent respectively over the first three months of the year.
House rents are now 22.5 per cent higher than at the same time last year, while rents on apartments in the city are 17.1 per cent higher over the same period, according to the Fairfax-owned Australian Property Monitors.
APM also said that the difference in rent for houses and rent for apartments was narrowing nationally.
Read more: http://www.news.com.au/realestate/buying/rebound-for-housing/story-fndban6l-1226618011939#ixzz2Q8jotioj