Australia's housing market into self-sustaining recovery: Westpac's November Housing Pulse

Australia's housing market into self-sustaining recovery: Westpac's November Housing Pulse
Australia's housing market into self-sustaining recovery: Westpac's November Housing Pulse

Australians are becoming more and more confident in the housing market, suggests Westpac's November Housing Pulse.

Westpac have said Australia's housing market is now into a "self-sustaining recovery."

The Westpac Housing Consumer Sentiment Index remains near five year highs, however the time to buy segment has softened a touch.

"Prices have lifted and are set to finish up slightly for the 2019 calendar year," the report advised.

"Turnover has been slower to turn but is starting to show a clearer pick up as well."

Westpac suggests the positive sentiment readings are consistent with a pick up in turnover which will carry through year end and in to the first half of 2020. 

Australia's housing market into self-sustaining recovery: Westpac's November Housing Pulse

"The swing that became apparent mid year continues to be led by a strong resurgence in NSW and Vic but with other states also showing a clear pick up.

"Auction markets, finance activity, prices and listings now all confirm the turn."

 Westpac suggest conditions continue to vary markedly by state.

They say NSW is showing a strong, broad based price rebound, however that is already bringing affordability issues back to the fore.

Australia's housing market into self-sustaining recovery: Westpac's November Housing Pulse

Victoria's recovery has good momentum but is more uneven across segments, while Queensland missed out on most of the recent price cycle, but is showing signs of perking up.

South Australis is seeing a gentle firming but Western Australia is still struggling to pull out of its multi-year correction.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Westpac Consumer Sentiment

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