Property Prices set to Rise
A survey on consumer confidence and expectations in the housing market has revealed that half of all homeowner respondents expect house prices to increase over the coming months.
The results were obtained from a survey of 1,030 residents by RP Data, which also revealed that 80 per cent of respondents believe that now is a good time to buy property.
Commenting on the figures, the president of the Real Estate Institute of South Australia, Greg Moulton, stated that many properties that have lingered on the market during 2012 are now selling, and that this demand will result in price increases.
Mr Moulton was extremely confident of a recovery in the market, and indicated that increases in property prices is inevitable.
However, he also noted that voracious increases were highly unlikely due to uncertainties regarding the outcome of the election in September.
Increases in property values is led by consumer confidence, and the RP Data survey measuring a positive level of consumer confidence is critical to the housing industry, according to Mr Moulton.