The doomsayers have fled into hiding it seems as many of the leading institutions start releasing their property forecasts for the coming year.

Here are some noted comments from the ANZ Property report:

“The remarkable rise in Australian house prices in 2009 has finally silenced the doomsayers. The national median house price has risen by an impressive 10% over the first 10 months of the year buoyed by low interest rates, the first home owner boost (FHOB) and tightening underlying fundamentals,” economist Alex Joiner said in the recent ANZ Property report.

The report claims the outlook for the residential property market is quite strong. It notes national median house prices rose by 10% in the first 10 months of 2009, and expects a resilient market performance in the next year.

“While we still expect a deceleration of prices in 2010 as the FHOB is removed and interest rates are lifted towards ‘neutral’, recent momentum suggests price gains could be stronger than anticipated.”

“Despite a marked rise in properties for sale, auction clearance rates have remained high in recent weeks and an upgraded economic outlook and improved job security will continue to boost investor and homebuyer confidence,” he said.

Great time to get back into the market.

Cheers

Shawn Kristofer

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