Official dwelling price data released today by the Australian Bureau of Statistics reveals the housing market experienced moderate to strong price increases and driven primarily by the property boom in Sydney.
The data released today also completely vindicates SQM’s forecasts made back in September 2013, that Sydney would experience strong double digit price growth.
Today’s figures reveal a strong housing market overall, with Sydney undoubtedly driving the average results.
Going forward for the remainder of 2014, we expect some moderation in capital growth, but believe the recovery which began in late 2012, will remain intact.
I must say however, that forecasting 2015 is proving to be very challenging. There are many ‘x factors’ at play, including some geopolitical events that could play out rather badly for the global community.
|City||% Dwelling price change 12 months to June 2014||SQM Research forecast range for 2014 (published Sept 2013||Forecast on track?|
|Perth||3.6%||+4% to +8%||Slightly Below|
|Brisbane||6.8%||+4% to +7%||YES|
|Darwin||3.4%||+3% to +6%||YES|
|Melbourne||9.3%||+4% to +7%||Above|
|Sydney||15.6%||+15% to +20%||YES|
|Adelaide||5.6%||+3% to +6%||YES|
|Hobart||4.3%||+3% to +6%||YES|
|Canberra||2.2%||-1% to -4%||Above|
|Capital city Average||10.1%||+7% to +11%||YES|