The NAB’s March Quarter Residential Property Survey has seen a large jump in the headline index, to a level of +35 (from +8 in Q4). This is the highest level in this Survey’s short history since 2010.
House price expectations remain strongest in WA for the coming year (+3.8%) while the other states are all around 1½ - 2½% expected growth. Capital growth expectations in the next year are strongest in the sub-$500,000 range, but improvements are expected across all price levels.
The Survey again highlights the improving performance of the residential housing market. House prices rose in Q1 and are up across the country in the past year (except for Hobart), supported by lower interest rates and rising consumer confidence.
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