Confidence Returns Confidence has returned to the Australian housing market according to the latest NAB Residential Property survey.
It says expectations for a housing market recovery over the next few years have strengthened, with confidence levels among surveyed property professionals rising to their highest levels in two years.
However a number of those surveyed in the construction industry say they still feel hamstrung from starting new residential developments by the high cost of building.
NAB economists say they have revised their expectations of property price growth upwards, after accounting for stronger than expected outcomes over the past three months.
They are predicting capital city dwelling values will be up by around 8% by the end of the year.
“We continue to see prices rising a further 5% in 2024 with ongoing strength in housing demand relative to supply outweighing the impact of the ongoing pass-through of higher rates.”
They also expect the RBA to lift rates to 4.35% at the November meeting.
