The price of property in Australia will grow over the next year, an expert has asserted.
Tim Lawless of RP Data wrote in a piece on smartcompany.com.au that this growth might not be at the same levels seen in the ten years up to 2010, but that it will increase nonetheless.
He went on to say that he does not expect large value gains to occur in the property market until 2012.
"Like always, the recovery will be far from uniform and some markets will perform better than others," Mr Lawless wrote.
He went on to say that the factors which will drive an eventual recovery are most likely to be interest rates, home loan affordability and rental growth.
However, consumer confidence and both domestic and international economic conditions will also have an impact.
Earlier this week, Andrew Harvey, senior economist at the Housing Industry Association, suggested that the Australian property market is set to experience long-term growth.
Posted by Craig Francis
