Australian Housing Outlook 2020-2023
Welcome to the 19th edition of the Australian Housing Outlook. The report, authored by BIS Oxford Economics and sponsored by QBE Lenders’ Mortgage Insurance, deep dives into property market dynamics during this extraordinary time and forecasts where prices are headed over the next three years.
The way we live and work has fundamentally shifted during 2020. No corner of our society has been immune from the effects of COVID-19, including the Australian property market.
What’s driving the housing market?
COVID-19 is now the major driver of the housing market. It’s effecting our economy in fundamental ways, including through a profound slowdown in overseas and interstate migration, tourism, education and, of course, jobs and growth.
And yet, we’re continuing to see growth in demand for our Lenders’ Mortgage Insurance product in some corners of the market, which suggests an offsetting effect is taking place. Record low interest rates, Government support by way of stamp duty concessions and first-home owner measures, mean some in the community remain highly motivated to buy homes and invest in residential property.