The future is looking bright for residential property around Australia, according to the 2007 Issue of Westpac’s `Outlook for Australian Property Markets’.
The Outlook notes that Australia is currently a two-speed economy, with the resource-driven States and Territories booming while the larger economies continue to trend either on or below average.
“However, consumer confidence has picked up, unemployment is low everywhere and while employment growth is forecast to slow, the various State economies should provide a sound base for the local property markets.”
Residential demand during the early months of 2007 is likely to be affected by the latest interest rate rise in November 2006. More….