Financial Review: ANZ research says Australian house prices have not bottomed out
Sydney Today, April 4, Australia Eastern Time, ANZ Bank’s latest Australian property survey research shows that Australian house prices have not bottomed out. The director of its real estate research institute said that "Australian house prices still have room to fall".
Paul Braddick, director of property research at ANZ Bank, pointed out that Australian property sales have "temporary signs of life." He said: "We hope that Australian house prices can bottom out in 2012, but we don’t think house prices have reached their lowest point; the increasing concerns about job stability are pressing on my mind, and house prices are on a downward trend, so home buyers are not Anxious to act."
However, the balance of supply and demand is getting tighter and rents are on the rise. He also said: "As the affordability of the Australian people has improved significantly, we believe that in the next few years, housing will become more and more attractive." (Wendy)
English version: http://www.afr.com/p/business/property/prices_yet_to_nadir_PsTt12GVXdKdlMKzYzqnjK