Market sentiment has improved in most states according to the latest NAB Housing Market Update.
The June 2023 update for the second quarter of the year shows sentiment is highest in Western Australia, followed by solid increases in South Australia, Victoria, New South Wales and Queensland.
It still remains weak in the ACT and Tasmania.
The update, surveys leading property professionals about their perspective of how the market is performing.
The update says with Australia still experiencing very low rental vacancies and strong demand for rental properties, and property professionals expect rents to remain elevated.
It predicts rental growth will outpace home value growth.
Survey expectations for rents are positive in most states for the next one to two years with expectations rents will rise highest in Victoria, although new proposed rental caps are currently under debate.
The report shows sales to residential investors fell by 15.2% in the second quarter of the year to levels which are below those at the start of 2022.
