Gains are anticipated in residential property prices this year, according to a March 27 statement from the Housing Industry Association (HIA).
The prediction could provide optimum conditions for those choosing to invest in real estate in Carnegie and surrounding Melbourne suburbs as more would-be first-time home buyers feel the squeeze of house prices.
In the December 2013 quarter, housing affordability declined somewhat. The HIA-Commonwealth Bank Housing Affordability Index dropped by 0.5 per cent in 2013's final quarter, explained HIA Chief Economist Harley Dale.
Even so, the figure was 8.4 per cent higher than the December 2012 quarter, indicative of overall booming house prices during 2013.
However, Victoria bucked trends with housing affordability actually increasing by 4.4 per cent.
Alongside the gains expected in house prices this year, household earnings growth may dip slightly, noted Mr Dale. Interest rates are expected to remain steady, a sentiment echoed by many commentators and highlighted by the HIA.
On March 4, Reserve Bank of Australia Governor Glenn Stevens announced the most prudent way forward for Australia's economy would be a period of stable interest rates alongside the decision to leave the cash rate at 2.5 per cent.
If you're looking to sell or expand your property portfolio, talk to the experts. Contact Matt Hurlston at Ray White Carnegie today.