According to The Australian Financial Review, Sydney and Melbourne are on course to achieve double-digit residential price growth as early as next year, even without the boost of another rate cut, an analyst predicts.
The growth momentum that has been building in both cities since May's federal election is accelerating, says Louis Christopher, managing director of SQM Research
Mr Christopher said many markers already pointed to a strong upturn, among them falling stock levels, rising auction clearance rates and surging asking prices.
"We have low interest rates and loosening of credit restrictions. I'm increasingly confident that we're going to see double-digit growth in Sydney and Melbourne, even without another rate cut," he said. "In fact, I think we're on track to see that happen by next year."
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