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Property market for first-home buyers to 'recover'

A QBE LMI housing outlook report has predicted that housing prices in Australia are likely to grow over the next three years, making the present moment a good time to invest.

People buying property in Australia for the first time may be reassured by the QBE LMI housing outlook report, compiled by BIS Shrapnel. It has concluded that "the underlying strength" of the Australian economy will support Australian housing prices in 2011-14.

The report predicts price growth of six per cent in Melbourne over this forecast period, six to eight per cent rises in Adelaide and Canberra, and growth of 19 to 20 per cent in Perth and Sydney.

Expectations of a boost in growth for Perth reflect a good performance from its mining and resource sector. In Sydney it is expected to be caused by a lack of household availability.

Ian Graham, chief executive officer of the company, said that "despite the current volatility in the global economy, QBE LMI is cautiously optimistic about the outlook for the housing market".

QBE LMI provides lending insurance to the mortgage industry and has been listed on the Australian Stock Exchange for over 30 years.

Posted by Steve Douglas

 

 

- property, economy, housing, prices, market, QBE, mortgage

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