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Despite the winter season usually being a quiet time for the real estate industry, there has been a lot of hot activity across parts of the country.
Figures from National Australia Bank's (NAB) Quarterly Australian Residential Property Survey for Q3 show positive results for the period. Sitting at an unchanged index score of 19 points, the national residential real estate market is continuing to be strong for another consecutive quarter.
Australians expect price rises
Queensland and Victoria were pointed out as two of the strongest states in the country during this third quarter. This was due to both states seeing a strong outlook for expected house price rises over the next 12 months, at 2.9 per cent and 2.4 per cent respectively.
NAB expects that house price increases will be "more modest" in the future due to economic conditions - encouraging news for buyers. The unemployment rate reached 6.1 per cent in September, Australian Bureau of Statistics found.
"We are forecasting average house price growth of around four per cent through the year to September 2015 and two per cent through the year to September 2016," said NAB Group chief economist Alan Oster.
Capital growth expectations high in NSW
Encouragingly for owners of real estate in Sydney, NSW is the state with the highest capital growth expectations. The NAB report pinpoints NSW as having high expectations for both house and apartment markets in all price ranges.
Nationally, growth expectations for the next year are strong for all price ranges in the house market, while apartments priced under $750,000 saw a slight dip.
Other good news has come out of the state of NSW in recent times, too. The CommSec State of the States report for October found NSW had the strongest economic performance over the quarter.
Population growth, dwelling starts, business investment, unemployment and retail trade were all top categories for this strong state, leading to a 6.3 per cent boost in annual economic growth.
Looking at population growth closely, levels in NSW are a staggering 32.1 per cent above decade average. Dwelling starts saw similar results. During the quarter, these were 36 per cent above decade average levels, showing more people are building residential real estate in Sydney and other parts of NSW.
With strong results across parts of the country, this spring selling season is shaping up to be a prime time to tap into the property market.
