Property markets look very good for growth in 2020, with 52% of analysts expecting property prices to increase above their pre-decline rates, according to the latest survey by comparison website Finder. Only 12 percent of analysts expect a drop in house prices. One positive point which home buyers should look forward to is the likelihood of further reductions in interest rates.
According to ANZ, the current economic conditions gained 6.1 percent in the previous reading after the 12.9 percent decline, while the future economic conditions almost reversed the previous loss by gaining 8.6 percent. Current finances dropped by 5.5 percent, falling to their lowest level since June, while future finances gained 0.6 percent for the third consecutive increase.
The inflation perceptions moving average of four weeks dropped by 0.1 percentage points to 3.9 percent. At its first meeting of 2020, the Reserve Bank will reassess the economic outlook, leading some market analysts to believe that it could cut interest rates as soon as February is over.
However, the Finder survey shows that mortgage defaults currently, mortgage delinquencies remain low about 1.6 percent, according to Moody’s will remain stable. Most of the economists surveyed also said Brisbane and Melbourne included the many promising places to buy investment property by 2020.
“The weekend’s consumer confidence survey is of considerable interest given the plunge in sentiment in economic conditions recorded over the first weekend of January,” ANZ Head of Australian Economics David Plank said.
“With milder weather seeing the intensity of fires diminish, though not by enough to prevent the further tragic loss of life, and some better economic news in the form of building approvals, job vacancies, and retail sales, it is not surprising much of the weakness in economic conditions reversed.”