Sydney, Perth to lead 2013 property growth

by Mackenzie McCarty23 Oct 2012

PRD Nationwide has predicted a number of property markets will see growth through the year 2013.

In its latest quarterly economic update, the real estate agency said it expected Sydney's market to lead the pack.

"We expect the tight market in Sydney to continue its upswing through 2013," the update said.

"It is reasonable to expect Sydney to experience steady, but modest growth of around five per cent throughout the upcoming year.

Meanwhile, Perth is also expected to perform stronger in 2013 on the back of continued mining investment.

"A combination of mining investment and low interest rates will help shift this market off the bottom of its property cycle," the report said.

"A conservative estimate of price growth during 2013 would see Perth increase in value by two per cent, but such is the swing with this resource affected region, greater market sentiment could give rise to six per cent growth."

Meanwhile, Brisbane is expected to be "temporarily suppressed" by a rising rate of jobless residents, and Melbourne will remain in a "period of consolidation", though inner suburbs will hold value.

PRD Nationwide expects that Adelaide will remain fairly consistent with only marginal increases in 2013, due to matching forces supply and demand.

COMMENTS