How did the Australian Property Market fare in 2014?

Looking back at the start of 2014, there were many skeptics expecting a price drop for the year after a very strong performance in 2013. That didn’t happen, as property prices closed at a 7.9% annual increase, according to the CoreLogic RP Data Home Value Index.

2014 saw the rise in new dwellings to meet the growing demand and rising property prices. Because of these movements, property purchase is more expensive than rents, as reported in the State of the Market report in May.

Despite this, property is still within the financial means of Australians, even as the prices have increased from 2013. Overall, the property market has exceeded expectations as gains were recorded in almost all capital cities, with Sydney leading the way in 2014.

Read more about this on the Property Observer website.