Buyers investing in Australian property could be in for a boost over the coming years as the market begins to stabilise and expand, according to the latest report from banking group ANZ.
Barring a global economic collapse, the bank expects house prices to rise by between four per cent and five per cent annually over the next two-and-a-half years, according to Property Observer.
The study also anticipates a pick-up in buyer activity in 2013 as low interest rates and the prospect of further cuts from the Reserve Bank of Australia increase optimism in the market.
However, ANZ also warned that "the outlook for housing market sales continues to look weak over the second half of the year" as macroeconomic conditions weigh on buyer sentiment.
Tim Foote, principal of Belle Property in Mosman and Neutral Bay, recently told the Australian that further interest rate cuts would help improve conditions in the housing market.
Posted by Steve Douglas
