Property prices have increased nationally by 1.3% this quarter, according to a survey conducted by the National Australia Bank Group. According to the report, NSW was the top performer at an increase of 1.9%. House prices are set to increase by 3.3% next year, and forecasted at 4.5% for the next two years.
Rental growth has been slow, with just an increase of 0.2% this quarter nationally. The forecast shows a huge increase in rent for the next two years, as high as 3.1%, as there is a drastic increase in owner occupying activity with shares at 41%. First homebuyers are also experiencing an increase at 19% for this year, slightly lower than the previous year at 21%.
Read more on the Property Observer website.