Australia’s housing market looks set to make a full recovery by April after reaching its bottom last year, with the latest market research showing owner-occupiers lead the charge. National dwelling values bottomed out 8.4 per cent below their peak in June 2019, with the market since recovering 6.7 per cent. While most recovery periods match the length of time it takes to go from peak to trough, Corelogic head of residential research Eliza Owen says Australia’s residential market would make a full nominal recovery by April, if growth rates continue at the January trajectory of 0.9 per cent growth per month. “Marking a 10-month recovery period since values found a floor last June,” Owen said.
Residential building approvals have picked up for the first time in 18 months, exceeding market expectations. Despite a month-on-month fall in numbers last year, building approvals have recorded a mild upswing of 2.1 per cent in the year to December 2019, according to the latest data released by Australian Bureau of Statistics. While still 19.1 per cent lower than the previous year, the stronger-than-anticipated figures saw both houses and attached dwellings—townhouses and apartments—holding steady on the previous month’s result. “The trend for the total dwelling approvals series continued to rise at the end of 2019," ABS director of construction statistics Daniel Rossi said. December’s incr
Australia’s house price recovery, which began in Sydney and Melbourne, has expanded to most of the capital cities bolstered by improved access to credit and record low interest rates, according to a new report. The latest ANZ housing report shows house prices continue to record a solid rise, revising up its forecasts, the bank expects Australia’s housing prices could rise 8 per cent on average through 2020, and 4 per cent in 2021. The report notes the combination of pent-up demand and low volumes as “a key driver of the larger than- expected rebound”. As Australia's housing market continues is recovery, NAB’s residential property index, released Friday, climbed to its highest level in nearly
