Sydney and Melbourne lead property recovery

Property owners will continue to see their investment grow in the new year, with house prices already exceeding pre-global financial crisis levels nationally by nearly 3%, and growth is expected to continue well into 2010, according to Australian Property Monitors.

The phasing out of the First Home Owner’s Boost has had little effect on the lower-end of the market in the last quarter of 2009, and although interest rates are rising, this is not expected to affect prices until late 2010 and possibly 2011.

The markets in Sydney and Melbourne have led the recovery, with Melbourne in particular recording a stunning 12.5% rise in house prices since March 2009, with units also performing very well. Auction clearance rates have remained over 80% over the last few months, cementing Melbourne as Australia’s auction capital.

If you are interested in purchasing a property in Melbourne or Sydney, speak to one of the property consultants at Intellichoice today. We will have a real estate development to suit your lifestyle needs and requirements.