Growth expectation for Australia's Property Market

According to latest Property Council of Australia (PCA)-ANZ Property Industry Confidence Survey.” Property Market participants have more confidence in and growth expectation for Australia’s resource-rich states and territory. Based on the PCA-ANZ, there was increasing divergence in property industry confidence, the national level increased from 104 to 107 in December in which the neutral level is 100. The Northern Territory is the biggest jump in confidence and the highest rating followed by Western Australia and Queensland. The residential property values improved strongly in Western Australia and Queensland and have gain in North South Wales. The property industry expects the RBA to cut interest rate in early this year and ANZ expects house prices to ease further but we need to cautiously optimistic view and tightening of the Australian housing demand/supply balance.