According to a recent survey of real estate analysts, the Australian real estate market should remain very hot until next year.
In a recent poll by Reuters, 13 real estate analysts believe that, thanks to interest rate cuts from the Reserve Bank of Australia (RBA) earlier this year and to expectations of further cuts in 2020, Average house prices across the country would increase by 5.0% next year before slowing to 4.5% in 2021.
Meanwhile, a regional breakdown of survey data showed that the cities of Sydney and Melbourne would be the main sources of real estate price growth in 2020. Real estate prices are expected to rise 7.7% in Sydney and 7.4% in Melbourne next year.
"Oh, how history has changed," Paul Bloxham, chief economist at HSBC, told Reuters. "Six months ago, many Australian housing market observers debated the risk of falling prices. [Now] we expect house prices to continue to rise in 2020, supported by mortgage rates, which will likely remain low for a considerable period. "
"Households have reacted strongly to regulatory easing and rate cuts," ANZ economist Adelaide Timbrell told Reuters. "Strong price growth, especially in Sydney and Melbourne, is likely over the next year."
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