Election the unknown for next year’s market

Next year’s federal election could have a big impact on the property market, experts say.

Though the senior economist of Australian Property Monitors, Dr Andrew Wilson, is still tipping prices nationally to grow between 3 and 5 per cent next year.

This compares with the 1 per cent growth over the past 10 months to October.

“2013 should continue to build on the modest gains of the past year, however the forthcoming federal election and the likelihood of a protracted campaign may result in some uncertainty among homebuyers and sellers, with confidence already low,” Dr Wilson said.

Releasing the Australian Property Monitors annual State of the Market report, Dr Wilson said Sydney would outshine Melbourne next year with 3 to 5 per cent tipped in the harbour city compared with 0 to 3 per cent in the southern capital.

Dr Wilson also anticipated a 3 to 5 per cent rise in the median house price in Brisbane. But Darwin and Perth had the best prospects, with 5 to 7 per cent growth expected in both.


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