Economist predicts very positive housing market
21 September 2020 – Westpac revises up house price outlook; policy stimulus and economic growth forecasts are key.
Westpac’s Chief Economist Bill Evans is forecasting a strong property price rebound. National price index growth is projected to total 15 per cent over the two years from December next year, with the strong fundamentals of Brisbane seeing this market to grow even further, by up to 20 per cent.
Westpac’s revised growth forecasts in 2020 and 2021 reflect a more resilient consumer and labour market with Evans stating it, “will be a very positive environment for the housing market.”
He further states the timing of this growth could be even earlier, “because if people believe this story, they will bring forward the good news, which is likely to happen in the housing market”.
“Apart from Victoria, where we expect prices to fall in the December quarter, we expect that in the December and March quarters in the other states, prices will be relatively stable with some upside pressure.”
Evans notes that the phase of price falls in response to the recession has now passed. The second stage we are entering will be driven by the fall in interest rates which are at record lows for the country.
“Broadly speaking, the sort of fears that some have had, that that phase will be a very negative phase for house prices, I think will be unfounded.”
This follows on from yesterday’s RBA rate indicator prediction that interest rates could be reduced to 0.0% at the next RBA board meeting on 6 October. The RBA rate indicator provides market participants and commentators with a market monitor for official cash rate expectations in Australia.
According to an article by Urban Developer, ABS data identifies the Gold Coast as top of the list for migration destinations for populations across Australia.
In a trend predicted to continue post Covid, Australians are examining their need to remain living in capital cities and flocking to regional centres, with the Gold Coast coming up trumps thanks to, among a number of reasons, median house prices being 60 per cent lower than that of Sydney.
With Robina earmarked for a 126% population increase and jobs in the area set to double by 2050, it’s easy to understand why buyers are choosing Robina for their new Gold Coast home.
Surrounded by Gold Coast City’s top schools and universities, a thriving workforce, health and transport hub, millions of dollars of infrastructure including 22 hectares of greenspace within Gold Coast City Parklands and rich with amenities, including world-famous shopping and dining precinct, Robina Town Centre, this haven of growth is becoming highly sought after.
Vue: Final collection of completed luxury homes now selling from $629,000
With a selection of built product and homes for sale, masterplanned community Vue Terrace Homes offers buyers the very best of Gold Coast City. The range of brand new, 3 bedroom townhouses with award-winning designs together with access to world class resort-style facilities, is proving a hit with buyers at Vue.
Completed homes are now available to move into from $629,000. Arrange your personal inspection today, or should you be unable to visit the Gold Coast (whether due to Covid or otherwise), we have excellent high quality virtual inspection options available to you.
Please get in touch with our experienced project team today to discuss your specific requirements.