Most Australia Capital City Property markets decreased in the past months. Perth was the weakest housing market with negative growth recorded in all time periods however a change is expected soon. According to the QBE, Leaders’ Mortgage Insurance housing outlook report researched by BIS Shrapnel, “Price growth of 20% forecast for Perth and price growth of 19.4% is forecast for Sydney by 2014. Property prices are set to grow over the next few years, as consumer confidence rises in tune with a growing demand from Asia for Australian resources, QMI added.
This report also predicts that residential property investment is set to increased and rise up after all the crisis we are facing now and dissatisfy this past years. Due to the growth of mining and resources, Perth and Sydney are set to record the largest growth over the next few years. Because of the substantial investment in the resources and the mining sectors, many are expected that it will lead to accelerating economic growth, to have greater employment and income growth. Despite the unstable economy, but still investors, businessmen, lenders, banks are very optimistic about the outlook of housing property market and economic growth.
The QMI report states that despite the current weak economic environment, delaying the recovery in first home buying, the outlook is positive with the group confident prices have reached their bottom.
Tags: property market, property prices
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