Market on Way to Recovery

Sunshine Coast Daily (Maroochydore, Australia), April 5, 2014 | Go to article overview

Market on Way to Recovery


Byline: Jessica Darnbrough of Mortgage Choice

THE Australian property market is showing some real signs of strength, with values climbing in every capital city in the past 12 months.

In Brisbane, property values have risen 2.8% in the past 12 months and this percentage should continue to climb as long as property demand continues to grow.

And, by all accounts, demand for new and established properties should increase in the coming months as interest rates continue to hover around record lows and lenders aggressively compete for business.

According to the Reserve Bank of Australia's governor, Glenn Stevens, Australia could enjoy a prolonged period of interest-rate stability.

Speaking at the recent 17th Annual Credit Suisse Asian Investment Conference, Mr Stevens said the reserve bank's current monetary policy setting - which had not changed since August 2013 - was playing a significant part in supporting sustainable growth in demand, consistent with inflation.

And, if the economy continues to evolve in line with the present set of forecasts, a period of stability in the interest rate could be expected.

With that in mind, it is unlikely we will see the cash rate move too much any time soon.

In fact, many economists are already betting that the cash rate won't move this year.

In March, Westpac's chief economist Bill Evans dramatically changed his interest rate forecast, suggesting there would be no more cuts. …

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