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.
“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.”