WA Property Prospects best in Australia

According to the latest survey by National Australia Bank (NAB), House prices in Australia are expected to decline moderately. The NAB’s Residential Property Survey, December survey showed a notable drop off but adds weight to expectations that house prices may flattened. First home buyers are suspected to have stronger demand to have interest rate cut and softer house prices. National house prices are forecast to increase by 1.2% by December and WA are expected to out-perform with 3.2% growth.

Survey respondents showed positive report in rental growth, house rents increased by 1.2% and house prices are expected to grow by 1.2% by December 2013. The survey is now forecasted to rise over the next 12 months led by a strong pick up in WA and NSW where income growth are expected to rise and the two states are the next strongest states among all states. Housing markets conditions are expected to weaken but still trends are expected to unchanged.