House price growth eased in February in all major cities outside Sydney, but that is likely to do little to halt an upward march in Australian property prices, economists have told The Australian Financial Review.
The RP Data-Rismark daily index reportedly showed Sydney as the leading capital city market in February with prices climbing 0.8 per cent, while Melbourne, Perth and Adelaide all saw slight reductions and the combined Brisbane-Gold Coast market saw heavier falls.
Bank of America Merrill Lynch economist Alex Joiner said first home buyers would be sidelined for much of 2014 but still expects significant annual gains of 7-8 per cent nationwide.
“Much of these gains will occur in the Melbourne and Sydney markets, with other capital cities experiencing more inconsistent growth,” Mr Joiner told the AFR.