An article in the Weekend Australian by Jo Studdert, on the 14th-15th January 2012. Leading property experts commented:
The residential property market for 2012 is going to get better, unless they get worse, and some parts of it will just go sideways. They are surprisingly confident of as strong & robust year.
“The best bets for 2012 are Perth followed by Brisbane. Sydney is solid as a rock. But don’t expect much in Melbourne ’til the third or fourth quarter,” says Andrew Wilson, senior economist at research house Australia property Monitors.
“Canberra is a good prospect: there’s always shortage of housing,” he says
Jason Anderson, senior economist at proeprty research and forecasting hosue macroplan, says: ‘Sydney and Perth are the two that will outperform in 2012…”
Wilson says Hobart and Adelaide will”move sideways for most of the year” … and Macroplan’sAnderson believes Adelaide is “in for a bit of a rough time for the next 12 to 18 months.
The Canberra-based real Estate Institute of Australia could’t be more forceful inits position. “Well despite what you’ve heard there is no housing bubble so don’t expect to see housing market crash this year or next year,’ says REIA chief executive Amanda Lynch “property is a sound investment…”.
Wilson belives Darwin will resume its usual growth pattern and strengthen.
‘As for Perth…, its housing market is still 10% below where it was 4 years ago… I expect double-digit price grwoth in perth by the end of the year.”
Not everyone is confident about Brisbane. Brian White, chairman of the Ray White real estate group, describes Brisbane as ‘subdued” and L Janusz Hooker, chief executive of LJ Hooker real estate groupsays “it’s not taking off by any means but after the big price falls there, we might at last be seeing a floor.”
Those lower prices, Hooker says mean ‘there are some great bargains to be had – as tehre on the Gold Coast and, to a lesser extent the Sunshine coast.’
Kevin seymouir, executive chairman of the Seymour Group, a queensland development and investment company, believes the overall Queensland market will be sluggish except in mining towns such as mackay, Rochampton, townsville & gladstone, where he expects to see strong price growth.
for JPMorgan economist Ben Jarman, a characteristic of the ASustralian market is poor housing stats. These fell 6.8% in the September quarter last year “the fourth significant decline in five quarters”, and he predicts more weknesses to come.
To sum up, with the economy comparatively solid, rates falling and housing stock in short supply, the likelihood is that prices will continue to hold or, more likely, rise.