Recent predictions by prominent economists indicate that Australian house prices are geared up for even higher ascents come November. Two key voices from the National Australia Bank, Gareth Spence and Mark Browning, assert that city prices, especially in the major capitals, aren’t slowing down. Their reason? A blend of two potent factors:
- A noticeably depressed supply of housing
- Robust and unyielding demand from buyers
This narrative is further fortified by CoreLogic data, which noted a growth spike in capital city prices in the September quarter. Ponder upon this: the Australian property market’s valuation has shot up to an impressive $10.1 trillion, showcasing a remarkable growth from its $6 trillion valuation in 2015 and its $9 trillion mark in October 2021. However, for aspiring homeowners, the scenario might be a tad sombre. The duo from NAB hints at a trend where house price escalation consistently outpaces income growth. Their verdict? The housing deficit may become graver before any substantial improvement is sighted. A stark realisation is that setting aside the brief COVID-induced slump, annual dwelling approvals have plunged to their lowest since 2013.
Rasti Vaibhav, The Architect of Property Wealth, welcomes you for a personalised conversation about your unique circumstances. Explore how property investing can shape your future. Book a time for an enlightening chat at https://getrare.com.au/ready or attend our educational workshops at https://getrare.com.au/workshop. Let’s navigate the property maze together.