Despite a deteriorating economy, Australian house prices will remain relatively well-supported by good market fundamentals, ANZ’s latest Property Outlook says.
According to ANZ tight dwelling supply will see Australia come through the challenging period in much better shape than its developed world counterparts.
“Unlike the US where a clear oversupply is weighing on prices, Australian housing markets continue to tighten and sharp falls in home building approvals in the second half of last year foreshadow a further slump in housing supply in 2009,” the ANZ report said.
“... Unless the economy weakens further than is currently expected we expect prices will reach a nadir in the second half of 2009.”
Weak economic conditions will spell more difficult times ahead for commercial markets however, ANZ warned, with locations that benefited from the commodity boom to face particularly challenging times in the short term.
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