Australia: A very different property market - NAB

Sandeep Kanihama FXStreet Contributor

Analysts at NAB suggest that the Australians are facing a very different property market, as the house prices continued to moderate after 5 years of solid growth.

Key Quotes

“NAB’s Chief Economist, Alan Oster, said “most consumers think now is a good time to renovate their home or buy to live in, but with prices falling across most of the country, not surprisingly they don’t think it’s a good time to sell their home or investment property”.”

“Over the next 12 months Australians are still most positive about renovating their home and buying a property to live in. But, it’s also clear consumers are far more uncertain about the future - around 4 in 10 said they simply didn’t know if it would be a good time to buy, sell, renovate or take out a mortgage.”

“On average, consumers expect price falls of -2.1% over the next 12 months (against -2.4% forecast by property professionals in NAB’s latest Residential Property Survey).”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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