The latest National Australia Bank (NAB) survey of 300 property industry respondents reveals rising confidence in the Queensland property price outlook.
The NAB Quarterly Australian Residential Property Survey for the September Quarter showed expectations were on the up across most jurisdictions, according to NAB Chief Economist Alan Oster.
“The NAB Residential Property Survey shows an improvement in market sentiment across most states last quarter, but we continue to see market conditions that vary across different locations,” Mr. Oster said.
“The momentum is clearly with Victoria, while New South Wales is experiencing something of a slowdown,” he said.
According to the report, the NAB Residential Property Index rose 6 points nationally to +20 during the quarter.
The report said sentiment improved in all states except NSW, while Queensland saw a four-point rise to +16.
Despite the sentiment, NAB is forecasting a slowdown in national price growth over the coming year.
NAB Group Economics revised its national house price forecasts to an increase of 3.4 percent in 2018 — previously 4.3 percent.
NAB’s Hedonic House Price Forecast for Brisbane predicts growth of 1.9 percent in 2018, softening to 1.2 percent in 2019.
“Melbourne and Hobart are currently experiencing solid growth in prices; Sydney is cooling and we expect Brisbane and Adelaide will cool,” Mr. Oster said.
Courtesy of realestate.com.au Kieran Clair
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