Home loans are expected to continue to climb as house prices are supported by a number of factors.
According to ANZ economist Ange Montalt, the “strong growth in Asia should result in increasing demand for Australian commodities, rising incomes and strong economic conditions that will provide solid support for house price growth particularly in the resource economies of Western Australia, Northern Territory and Queensland.”
Last year 285,300 people migrated to Australia – the highest number on record – and that demand is also expected to support house price growth.
“This is placing further upward pressure on housing prices as new dwelling completions fall short of underlying demand in most cities across the country,” Montalti said. “This will result in a further tightening in rental markets across the country and a restoration of rentalgrowth to pre-financial crisis levels.”
According to ANZ economist Ange Montalt, the “strong growth in Asia should result in increasing demand for Australian commodities, rising incomes and strong economic conditions that will provide solid support for house price growth particularly in the resource economies of Western Australia, Northern Territory and Queensland.”
Last year 285,300 people migrated to Australia – the highest number on record – and that demand is also expected to support house price growth.
“This is placing further upward pressure on housing prices as new dwelling completions fall short of underlying demand in most cities across the country,” Montalti said. “This will result in a further tightening in rental markets across the country and a restoration of rentalgrowth to pre-financial crisis levels.”
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