Oliver’s Insights: Australian house prices on the upswing again – seven things to bear in mind about the Australian property market
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Dr Shane Oliver, Head of Investment Strategy and Chief Economist takes a look at the upswing now underway in the Australian residential property market.
The key points are as follows:
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Expect average Australian home prices to rise 5-10% this year and next as ultra-low interest rates and economic recovery feed through.
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However, the outlook is divergent – with houses expected to outperform units and smaller cities and regional property expected to play catch up.
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The drivers of the long-term property bull market that’s been underway since the mid 1990s may start to wane over the next 3-5 years as the long term decline in interest rates bottoms out and as the chronic undersupply of property gives way to oversupply.
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