Century 21 has started to observe improving market conditions that may indicate the Australian property market is moving into a new growth phase.
"Capital city dwelling values recorded growth in both January and February and, when this is combined with strong auction clearance rates, low interest rates and improving consumer sentiment – it is probable that the market is entering a new phase," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"While it is still too early to call a complete recovery, leading indicators look very positive for this year."
A recent survey by RP Data and Nine Rewards showed that four out of five consumers believe that now is a good time to buy a home. Fifty-one per cent of those surveyed believed that house prices would rise over the next 12 months.
Interest rates remain at relative lows and transaction volumes have trended up since the start of 2012 which suggests that people are growing increasingly comfortable to buy or sell property.
"Century 21 believes that consumer sentiment is a key to fuelling a sustained growth period. With this in mind, it may pay to monitor the health of the Australian economy very closely this year," concluded Charles Tarbey.
For more information about the residential property market in your areas of interest, please feel free to stop by your local Century 21 Real Estate office for expert and clear advice.