Property markets in urban Melbourne and inner-city Sydney will remain steady over the spring months, it has been claimed.
Sydney's market will even enjoy an increase next year, due to population growth, Smartcompany.com.au reports "experts" as saying.
"I think we've got a situation where prices could be moving up again modestly in the Sydney market after six months of stagnation, so that's one positive," said SQM Research founder Louis Christopher.
He told the website that, while these areas are doing well, others, such as south-east Queensland, the Sunshine Coast and Brisbane, are suffering.
Mr Christopher explained that demand for prestige property in these locations is falling and that this oversupply in dwellings and a lull in tourism activity have left the Australian property market in something of a rut.
Earlier this month, the Real Estate Institute of Australia published a report revealing that median house prices increased 3.2 per cent in Australia in the second quarter of the year.
Posted by Steve Douglas
