Australia’s property market will be on the rebound in 2013, having reached the bottom of the property cycle, according to the First National Real Estate 2013 Property Market Outlook.
“Our members are looking forward to 2013 where the market is expected to build on the momentum already seen over the last six months of 2012,” Ray Ellis, the First National Real Estate chief said.
“Almost three-quarters of our members say the market has bottomed or will do so in the coming six months.
“However, while the market is on the rebound, there is a general consensus the recovery will continue to be slow and gradual.”
Its been based on a survey of the 400 plus member network of whom 90% of respondents thought market conditions would stabilise or improve in the first half of the year.
Some 91% of the respondents also envisaged the average number of days a property is on the market is expected to hold, or fall from current levels and that property listings will remain at current levels or rise.
Agents expect property prices to remain flat, with any increases to be found primarily in houses and land rather than apartments.
"Growing affordability will drive home price growth in New South Wales, Tasmania, South Australia and Western Australia," the report suggested.
Improved affordability and better buying conditions will underpin home buying activity growth in 2013, with the survey showing upgraders and investors will be the most active sectors.
In South Australia and Western Australia, first home buyers are expected to be the most active, but in New South Wales, Queensland and Tasmania it will be investors. In Victoria, opinion is equally split between the two market sectors.