There is an expected residential property shortage in the country for the next two decades because of high consumer confidence, and current government policies are making it more difficult, according to AV Jennings director Peter Summers.
The current economic conditions have been favorable for the residential property sector, as it experiences a high demand from buyers due to the low interest rate, inflation and increasing consumer confidence. He adds that an interest rate hike will unlikely change the sentiment of buyers, as consumer confidence has been a main driver of property demand over the years, despite increasing home values. First home buyer numbers have improved at 13.2% for June, up from the previous month’s 12.6%, according to the Australian Bureau of Statistics.
Read more about this on the Property Observer website.