Via MNI:
- NAB’s Residential Property Index unchanged at +19 points in Q3
- Queensland emerging as the strongest state, big gains in South Australia/NT, and sentiment weakest and still falling (at all-time low now) in Western Australia
- The survey showed big pick-up in foreign buying in new property especially Victoria with foreign buyers accounting for one in six new properties nationally
- First home buyers were less active and local investor activity was unchanged
- NAB says it expects house price increases to be more modest than in recent times because of rising unemployment, sluggish household income growth, affordability issues and cost of living pressures
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“Foreign buyers accounting for one in six new properties nationally” …
Excellent! if there are buyers about, now is a great time to build more. ‘Rebalance’ the economy and all that.
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There is more detail on this from the Australian Financial Review (ungated):