The latest “Australian Property Outlook” by ANZ offers an excellent overview of where the residential property market is headed. National median house prices rose by 10% in the first 10 months of 2009, and a resilient market performance is expected this year.
Key Points:
• Population growth is at record highs, with underlying housing demand running at an annual rate of 200,000, while dwelling starts are close to record lows, with dwelling completions expected to fall to under 130,000 in 2009-10.
• The growing undersupply is placing upward pressure on prices and rents and will continue to do so for years to come. The report claims there is the possibility of a deterioration in affordability "beyond anything we have ever seen".
With the long-term fundamentals looking very positive for investors in residential property, now is an excellent time to acquire investment property.
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