NAB slashes housing growth forecasts
NAB has cut its growth forecasts for both houses and units this year on the back of sharply deteriorating sentiment about the property market.
NAB has cut its growth forecasts for both houses and units this year on the back of sharply deteriorating sentiment about the property market.
Dwellings for sale are up sharply on last year, suggesting buyers are trying to get in and sell before an expected slowdown.
Sydney home owners now spend 45 per cent of their household income servicing their mortgage repayments, despite benefiting from record low interest rates.
An increasingly unaffordable Sydney has forced more people to live in shared accommodation over the past five years.
The quarterly pace of gain in house prices halved in Sydney to 2.9 per cent from 6.1 per cent in the December quarter.
NAB is warning about growing uncertainty, lower demand and a halving of house price growth in the nation's major capitals.
The figures show the Sydney market is easing and Melbourne holding up after five years of sustained growth.
Weak long weekend performance adds to other data suggesting a slowdown.
Architectural awards reflect investment in the bright spot of struggling SA economy.
Housing price growth peaked earlier this year and will slow to a pedestrian 1.9 per cent by next year, ANZ says in a new research report.
The latest monthly figures add to recent data suggesting the NSW capital's housing market may be turning.
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