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Strong Sydney Growth, Higher Renovation Activity Predicted

By Louise Morrin

Sydney's property market saw massive growth last year, with the latest Statement on Monetary Policy confirming the trends and predicting what will happen in 2014.

The statement was released on January 6 and may be welcomed by owners of property in Carlton who are hoping their real estate prices will continue to increase.

Housing price growth in the year to January 2014 was just under 10 per cent nationwide.

However, for Sydney, the figure was much higher, given the flurry of buyer and investor activity in the NSW capital during 2013.

The RBA noted that "Sydney continues to be the strongest market, with prices rising by around 13 per cent" over the same period.

With increases that are bucking the national trend, now may be the perfect time to buy into this booming market, or sell real estate in Carlton.

Looking forward, it's predicted there will be "relatively strong growth of dwelling investment in coming quarters," according to the statement.

Detached house approvals have risen too, and the RBA noted that this was "buoyed by strong growth in New South Wales and a recent pick-up in Victoria".

It's estimated that higher house prices and higher turnover of properties will result in more renovation activity too.

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