House prices tipped to rise up to 10%
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28/01/2010 8:28:00 AM
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Renewed consumer confidence will likely cause Australian house prices to rise by as much as 10%, according to Australian Property Monitors.
The latest APM report revealed that median house prices rose 12.1% in 2009 - the biggest increase since 2003. Apartment prices rose 9.8%.
APM economist Matthew Bell said activity at the top end of the market has driven the extraordinary result for 2009.
"In the December quarter alone, the price growth for the top end almost doubled the growth seen by the remainder of the market."
Job security, a rebounding stock market and increased confidence in the economy all contribute to the gains, he added.
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