Houses to fall 10% next year? Tell him he's dreaming
Australian Property Monitors' property market outlook, senior economist Andrew Wilson tipped 3 to 5 per cent growth in median house prices nationally and for Sydney
Brisbane, the worst performer this year with prices down almost 7 per cent mainly due to the devastating January floods, would bounce back between 5 and 10 per cent off the back of the resources boom. Likewise, Perth and Darwin. But Melbourne, due to big price rises in 2009 and 2010 and an apartment oversupply, could expect growth of between 0 and 3 per cent.
Monique Sasson Wakelin, managing director of Wakelin Property Advisory, said the two recent interest rate cuts would be the catalyst for growth and agreed with the APM forecast for Sydney and Melbourne. . . . ''I can't see a national drop of 10 per cent, there hasn't even been that this year,'' she said.
Another property expert, Mark Armstrong of the auction tipping competition Property Tycoon, was also optimistic about next year. . . . ''I think it will grow by 5 to 10 per cent
Shane Oliver, the head of investment strategy and chief economist at AMP Capital Investors . . . expecting a weak start to 2012 because of economic uncertainty. Over the year, he says prices could drop 1 or 2 per cent nationally but he is more optimistic about Sydney. ''I'm expecting modest gains over the year of maybe 1 or 2 per cent for Sydney,'' he said.