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Australian Housing to See ‘Mild Recovery’ in 2013, NAB Says

Australian home prices are expected to see a “mild recovery,” climbing by 0.9 percent in 2013, led by growth in the mining states of Western Australia and Queensland, a National Australia Bank Ltd. survey showed.

Home prices across the country fell 0.6 percent in the three months ended Dec. 31, with the biggest decline in Victoria state, the bank said in an e-mailed report today. Prices will rise 2.1 percent in the next two years, led by a 3.6 percent increase in Western Australia and 2.2 percent in Queensland, the survey of about 270 real estate agents, developers, property owners and asset managers, showed.

Rents are expected to climb by 3.3 percent across Australia in the next two years, led by Western Australia.

House prices across the country rose 2.1 percent in 2012, and apartments climbed 2.4 percent, Sydney-based researcher Australian Property Monitors said in a separate report today. House and apartment values in Sydney are both at records, climbing to A$656,415 ($683,900) and A$475,314 respectively.

“The general improvement to affordability and confidence as a consequence of record-low interest rates will fuel increased buyer activity and confidence,” Andrew Wilson, senior economist at APM, said in the release.

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