Australian property in inner city locations remains the only housing type where demand is high among prospective homeowners, one expert has claimed.
Alan Oster, chief economist from the National Australia Bank, suggested that this type of dwelling remained popular among borrowers, but a lack of consumer confidence has had a negative effect on the overall market.
His comments were made after a recent survey revealed a high number of consumers still harboured concerns over a potential increase to interest rates.
Mr Oster also highlighted the notable differences between the state of the property markets across a number of the country's states, with Victoria and Queensland among the locations struggling the most.
"A structural shortage of housing remains nationally ... interest rates are expected to stay on hold for some time and the unemployment rate is low, contributing to high job security," he said.
Last month, the National Australia Bank became the first of its kind to launch social commerce on its website to help customers during the online buying process.
Posted by Ravin Chatlani
Alan Oster, chief economist from the National Australia Bank, suggested that this type of dwelling remained popular among borrowers, but a lack of consumer confidence has had a negative effect on the overall market.
His comments were made after a recent survey revealed a high number of consumers still harboured concerns over a potential increase to interest rates.
Mr Oster also highlighted the notable differences between the state of the property markets across a number of the country's states, with Victoria and Queensland among the locations struggling the most.
"A structural shortage of housing remains nationally ... interest rates are expected to stay on hold for some time and the unemployment rate is low, contributing to high job security," he said.
Last month, the National Australia Bank became the first of its kind to launch social commerce on its website to help customers during the online buying process.
Posted by Ravin Chatlani
