Digital real estate marketplace REA Group has released its latest Group Property Demand Index that indicates Australia’s residential market is impermeable at the moment.
REA’s chief economist Nerida Conisbee from realestate.com.au says the Australian market has been set up to experience even more price growth in major cities.
“In contrast to recent median house price figures, the REA Group Property Demand Index rebounded in May to achieve yet another record national peak,” Conisbee said.
“The Australian residential market feels almost bulletproof at the moment with continued increases in demand setting us up for even more price growth in our major cities, despite the constant speculation based on median price figures that the market is set to collapse.
“The perfect home for most Australians is large, affordable and on a big block, it’s also located close to great shops, schools and convenient public transport. People on realestate.com.au engage most with this type of property and so many of the most in- demand suburbs over the past six months have these characteristics.
“The three strongest markets continue to be Tasmania, New South Wales and Victoria. Western Australia and Northern Territory are still behind the rest of Australia and while Northern Territory appears to have turned a corner with demand up, year-on-year demand continues to drop in Western Australia.”
Read the full report article here