In his latest property update Paul Braddick of ANZ Bank Research made the following comments on the strength of the Melbourne property market and has some positive forecasts for 2014:
While auction sales have taken a hiatus over the past month, private sales in recent weeks reveal Australian home prices have consolidated solid gains from the past year in all capital cities except Melbourne, where prices have increased a strong 3.2% in the past month.
In trend terms, Melbourne home price growth was strongest, to be up 1.8% m/m, followed by Sydney and Perth (+1.3% m/m respectively), Brisbane (+0.9% m/m) and Adelaide (+0.3% m/m).
We expect housing market momentum to remain positive in 2014, underpinned by a significant underlying housing shortage and buoyed by improved household confidence and an extended period of low interest rates.
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