House Prices Predicted to Keep Rising
Property market sentiment has rebounded, with a greater percentage of Australians reporting they are feeling positive towards the current market. That was the standout finding from research conducted by ME Bank in October 2019.
Other findings show:
- 42% of Australians in the property market feel positive about the market (up 9 percentage points) and 24% feeling negative (down 2 percentage points)
- Sentiment also improved across the board for every age group, property status and property intention
- Millennials, investors and those who plan to buy in the next 12 months stood out as the most optimistic
- After a period of price declines in key markets, consistent house price increases over the past quarter have created a much-needed period of stability
- Almost half of all surveyed (47%) predict house prices will keep rising, the standout states being NSW, VIC and QLD
- Only 13% expect prices to fall and 30% expect them to stay the same, this sentiment was concentrated in WA
- More people plan to transact in the property market in the coming year, with Millennials being the most likely
- Housing affordability remains the top worry with 89% agreeing that ‘despite price falls in some areas, they still think housing affordability is a big issue in Australia’
Source: ME
