Australia’s house prices are not going up or down, and are not likely to do so for some time, a new report has found.
According to Australia Property Monitors Quarterly House Price Report, national stratified median price growth remained effectively unchanged at 0.1 per cent for the September quarter.
In the housing market, Sydney and Melbourne were the only capital cities to experience positive price growth for the quarter, with Sydney growing by 0.7 per cent and Melbourne increasing by 1.2 per cent.
However, the report found that even in these cities – where growth has been notoriously strong –the trend is for slowing growth.
In all other cities, price growth was also on a downward trend, with Hobart prices remaining untouched and all other cities falling between 1 and 1.9 per cent.
For units, prices fell in all capital cities bar Melbourne – which recorded 0.6 per cent growth.
APM’s head of research Yvonne Chan said the report found that the outlook for property prices remains largely stable – supported by an undersupply of housing, solid population growth, low unemployment and strong income growth.
“Rents are predicted to increase, and coupled with softer house prices, rental yields will improve encouraging a return of investors into the market,” Ms Chan said.
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