House prices in Sydney, Brisbane and Perth are predicted to climb by around 12 per cent this year, fuelled by the lingering supply shortfall and increased demand.
House prices in Sydney, Brisbane and Perth are predicted to climb by around 12 per cent this year, fuelled by the lingering supply shortfall and increased demand, according to an upgraded forecast by NAB.come as expectations for a housing market recovery over the next few years by property professionals have strengthened, with confidence levels hitting their highest levels in around two years.
NAB said a significant supply and demand imbalance amid rising rates and reduced borrowing power continued to support property prices, while strong population growth and a healthy labour market were expected to persist in the near term.
Dwelling prices continued to rise at a relatively solid pace across the major capitals in third quarter with the combined capital cities increasing by around 8 per cent since the start of the year, almost entirely reversing the fall seen over the preceding nine months. Property professionals reported very tight supply conditions in housing rental markets with a net 79 per cent assessing rental markets in their area as undersupplied.
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