House prices lifted in April and are poised to bounce back this year, albeit at a modest pace, as migration and the rent crisis fuel demand, experts say.
House prices nationwide are poised to bounce back this year, albeit at a modest pace, after strong migration and low stock levels reversed the housing downturn earlier and quicker than expected, experts say.
“We’re already seeing the tailwinds of strong migration and tight rental market outweigh the negative impact of higher interest rates, which is why“Even though we’ve always believed that overseas migration has a fairly lagged and low impact on home purchasing, that doesn’t seem to be the case at the moment.”
“It really depends on what happens with interest rates. If we do start to see growing expectations that interest rates may come down, this would likely lift confidence and more housing market activity,” he said. “It looks like prices bottomed out, and we’ve seen a good bounce in the last two and a half months,” Dr Oliver said.
”I think the pick-up in house prices will be pretty sluggish this year and next, which we’re expecting to rise between 3 per cent and 6 per cent,” Mr Bloxham said.
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