Population growth, rather than interest rates, will be the deciding factor in Australian housing prices, which are predicted to rise over the next few years.
A BIS Shrapnel report has also predicted more affordable lending rates from 2009. “As credit conditions recover over the course of 2009, we expect banks will gradually pass on lower borrowing rates to customers,” says Angie Zigomanis, BIS Shrapnel senior project manager and report author. “This easing will enable house price growth to pick-up in many centres during 2009/10 and 2010/11.”
BIS Shrapnel expects price growth to be strongest in Brisbane, the Gold Coast, the Sunshine Coast and Darwin, through to 2011.
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