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APM confident recovery is underway

APM results add further support to the idea that Australia’s property market is recovering.

Experts are confident that a recovery in the housing market is well underway following several consecutivequarters of growth. The latest house price report from Australian Property Monitors (APM) showed that this sector is still experiencing growth as nationwide results showed an increase of 1.7 per cent in the first quarter of 2013.

Melbourne, Sydney, Darwin and Perth saw house prices increase significantly during the first three months of the year.

Andrew Wilson, senior economist for APM, suggested that lower interest rates on mortgages and rising consumer confidence were the main reasons for the rising success of the property market.

He also suggested that these factors will continue to drive activity from buyers throughout the rest of 2013.

However, Australia’s central bank is a little more sceptical about how house price growth is going to progress.

At a conference on April 23rd, the chief of financial stability at the Reserve Bank of Australia, Luci Ellis, said that she thought house prices would now grow slowly if at all.

Posted by Steve Douglas

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