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Australia: Housing market sentiment ends the year on a very weak note – NAB

Analysts at NAB, point out that the Australian housing market sentiment has ended the year on a very weak note falling to new Survey lows, according to property professionals.

Key Quotes

“The NAB Residential Property Index fell to a new survey low in the final quarter of the year as house prices continued to fall across most of the country.”

“Overall, the index was down 11 points to -20 in Q4 2018 (-9 in Q3) and now sits well below its long-term average level (+12).”

 “Confidence levels (expectations) also drop to below average levels suggesting market momentum will probably fall further.”

“NAB’s view is that house prices are likely to decline further over the next year or so – seeing peak-to-trough declines of around 15% in Melbourne and Sydney. Perth is likely to see some further small declines, while the remaining states will remain largely flat.”

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