Interest rate rises to stall residential property price growth in most centres despite record net overseas migration and a rising deficiency of dwellings.
Independent economic forecaster and industry analyst, BIS Shrapnel, expects all Australian residential property markets will experience marginal price increases in 2008/09 as interest rate rises halt price growth rather than force a downturn.
BIS Shrapnel is forecasting another interest rate rise to come through in September quarter 2008. Despite a further rate increase, the average cost of renting is set to rise much more than the cost of buying in 2008/09 and 2009/10, due to the undersupply of new housing.
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