House prices set to see some recovery

HOUSES in city locations will see some recovery this year, as figures show asking prices plunged 14% nationwide in 2010.

Experts said changes to stamp duty announced in the budget will boost the market this year with three and four-bedroom homes in traditionally well-located city areas expected to perform best.

The apartment, holiday home and rural house sectors will be worst affected in 2011, because of over-supply and lack of demand, according to Savills director of residential Catherine McAuliffe.