Fewer property valuers expect demand to rise in the next 12 months, but more are still predicting higher prices due to scarce supply.
Already a subscriber?Residential property valuers are becoming more cautious about demand in the coming 12 months amid uncertainty over interest rates and higher costs of living, a new CBRE poll shows.
“Higher cost of living is also having an impact, but the distinct lack of choice may be prompting people to sit on the sidelines.“At the same time, given the scarcity of housing within established suburbs, more valuers are still anticipatingMore than two out of five valuers expect house prices to rise by more than 5 per cent, up from 37 per cent in the first quarter, with Perth, Adelaide and Sydney metropolitan areas tipped to lead the pack.
Meanwhile, more than two-fifths are anticipating the same growth for Brisbane, which is a sharp turn around from the previous quarter when no one expected prices to increase by more than 5 per cent. Valuers were also optimistic about the apartment sector with more than half expecting prices to increase in the coming year.More than half are predicting Perth’s apartment values to increase by at least 5 per cent, 37 per cent are forecasting Brisbane to lift by the same amount and 28 per cent are anticipating similar growth in Adelaide.
“The production supply pipelines for apartments are really slow right now so there’s not a lot of new stock coming into the market,” Mr Chopra said.
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