Added over 9 years ago

Outlook for residential property market in 2011

The housing market is forecast to experience moderate growth in 2011 after a strong 2010. Despite a stabilisation of house prices in late 2010 after a strong performance earlier in the year, the impact of consecutive interest rate increases by the Reserve Bank of Australia has placed pressure on the sustainability of housing affordability. Auction clearance rates in recent months has dropped to about 60 per cent, which will likely encourage the private sales market. However, the light on the horizon is the promise of a 20 per cent cut in stamp duty from July 1, which is likely to stimulate a small increase in first home buyer interest during the second half of the calendar year.

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