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House price growth expected, supply constrained
House price growth expected, supply constrained 3 October 2022 Matthew Hughes Article by: Claire Tyrrell Source: Business News September 29, 2022 Western Australia was the only state to record house price growth expectations in a recent Property Council report. Western Australians expect modest house price growth over the next 12 months, but say government must address issues impacting affordability and supply. The Property Council of Australia’s and ANZ’s recent survey showed WA’s house capital growth expectations lifted from -1.1 index points in the previous quarter to 5.1 index points in September. This compares to other states that showed negative readings in expected house price growth, meaning expectations were considered below neutral. However, every state’s expecations in house price growth has taken a significant hit since the March quarter, when Perth was at 60 index points. Property Council of Australia WA Division executive director Sandra Brewer said the latest data reflected the countercyclical nature of Perth’s property market compared with the east coast. “We have seen an increase in demand in residential property, but supply constraints have limited the ability of
Western Australia was the only state to record house price growth expectations in a recent Property Council report.