Australian Housing Prices Forecast To Rise 20 Per Cent
One of Australia’s leading economists predicts the early makings of a property boom.
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One of Australia’s big four banks is forecasting 20 per cent gains in the housing market over the next two years.
The incredible figure comes out of Westpac’s first Housing Pulse report for 2021 and indicates Australian dwelling prices could be on the brink of a boom.
The banking institution’s chief economist Bill Evans stated in the report, released on Monday, that he was expecting dwelling prices to lift 10 per cent nationally in the next 12 months, with that pace continuing into 2022, citing strong economic growth as the cause.
“The upturn is being supported by record low-interest rates; the confident expectation among borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop,” Evans said.
In the final quarter of 2020, dwelling approvals surged 22 per cent while lending for dwellings lifted by 16 per cent in the December quarter.
Smaller capital cities and regional towns were likely to capitalise on the forecast increases, however concerns linger around the Sydney and Melbourne high rise markets.
Further, Evans has foreshadowed good news for the labour markets with unemployment rates forecast to decline steadily to 6 per cent by end of 2021, and 5.3 per cent by the end of 2022.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
