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ISCOVER
Staff Reporter
After months of sluggish credit growth, there is finally some positive data coming out of the housing market.
According to National Australia Bank’s most recent residential property survey, housing market sentiment rose across all states except Queensland and the improvement in sentiment has resulted in improved property price forecasts.
Respondents now believe national house values will climb 3.6 per cent over the coming two years – slightly higher than the 2.1 per cent price growth predicted at the end of last year.
Western Australia is expected to drive the increase in property prices, with survey respondents predicting the resources state will enjoy 5.4 per cent price growth – up from 3.6 per cent at the end of last year.
Perth was identified as suburb or area expected to grow the fastest in terms of capital values over the next 12 months – replacing Gladstone in Queensland.
NAB’s chief economist Alan Oster said the Perth suburbs of Victoria Park and Bayswater were the ones to watch over the coming year.
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