Prices expected to increase across Australia, but not ACT: ANZ

Prices expected to increase across Australia, but not ACT: ANZ
Prices expected to increase across Australia, but not ACT: ANZ

The Australian Property Confidence Index recorded a one point drop to 131 over the September quarter, however confidence across both residential and non-residential sectors remains strong.

This is particularly the case for New South Wales, however Queensland and Tasmania also increased over the quarter.

The ACT is noted as the only state or territory recording soft confidence – it’s recording a result of 101 on the index.

ANZ Research’s Warren Hogan and David Cannington note that this reflects house prices as well, with every state and territory to perform – except for the ACT.

“Confidence across the property industry hardly moved at all through the winter months and remains at a high level,” they explained.

“The residential sector is still the strongest part of the industry with construction activity and price expectations buoyant even though price expectations have softened this quarter in line with lower auction clearances.

"House prices now appear to be settling down to more sustainable growth rates. House prices are expected to rise over the next 12 months in every state except the ACT.”

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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