Property prices to return to pre-GFC highs in 2014, except Hobart: Peter Koulizos
Property lecturer Peter Koulizos forecasts that all capital cities, with the possible exception of Hobart, should have new record high property prices sometime during 2014.
Australian Bureau of Statistics data shows property prices are on the rise from their global financial crisis lows but Koulizos says we still have some time to go.
“Even though all capital city prices are on the way up, not all property prices are above their previous high. Sydney, Perth and Darwin have record high property prices but all the other capital cities still have a little way to go before they pass their previous peak,” he blogged on API Magazine.
“I forecast that all capital cities, with the possible exception of Hobart, should have new record high property prices sometime during 2014.
“Yes, the worst is over but in my opinion we still have a little way to go before we can all breathe a sigh of relief.”
But he says historically low interest rates will ensure property prices should bounce back quickly.
According to the ABS the different capital cities experienced their global financial crisis lows at different times.
Darwin was the first hit in June 2011 quarter, followed by Canberra and Perth in September 2011 quarter. Next was Sydney in the December 2011 quarter. Brisbane was next hit in the June 2012 quarter, followed by Melbourne and Adelaide in the September 2012 quarter and finally Hobart in the December 2012 quarter.
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