NHBB follows the property market very closely. One of our many sources is the NAB Residential Property Survey.
NAB does a quarterly Australian Residential Property survey of over 370 panellists in the property industry that consist of Real Estate Agents/Managers, Property Managers, Asset/Fund Managers and Owners/Investors to find out what has been happening in the Residential Property sector, and what they think is likely to happen in the future.
This is NABs summary for the last quarter:
“ Housing market sentiment lifts to a new high as house prices and rents continue to grow across the country. but the survey is tipping slower growth in prices over the next 1-2 years, with rents remaining stable. nab has also upgraded its forecasts for dwelling prices - now expected to grow around 19% in 2021 and 4% in 2022. low rates and strong income support have seen strong price growth in 2021, but this impact will begin to fade.”
NAB puts together a property index (out of 100) which shows the sentiment of the Residential Property Market gained from the survey of the panellists and helps property professionals to forecast and plan for the future.
Here are a few of the highlights put together by NAB:
Housing sentiment was at its strongest nationally at the beginning of this year it has increased dramatically since the same time last year, when COVID first hit. Housing sentiment is predicted to decrease in WA in the next 2 years.
NAB predicts a moderate future growth of house prices nationally, and for WA they are expected to increase by 4.9 % in the next 2 years.
NAB predicts that the national average for rents increase will be 3.5% in the next 2 years. WA is expected to have a rental increase of 5.7% in the next 2 years.
A lack of development sites is still the biggest impediment for new housing development in the whole country. However, the impact of construction costs that have climbed sharply is a very significant impediment for new housing development for WA. The impact is more in WA than the rest of the country.
It makes sense to keep up with what is going on in the property Market, especially in WA.
Come and have a chat with us if you would like to know more about property and construction in WA!
What Tristan has to say…
"We expect to see WA continue to grow and a steady rate over the next few years. WA still has a housing shortage, and by the middle of 2022 we see how the labour market is going with the construction timeframes, and what impact that has on labour rates for builders prices.
What we can’t ignore in all of these figures, is how much WA has struggled over the past 10 years. We have more room to grow that is sustainable in comparison to the other states, so going forward in this current market means exciting times ahead."