The HIA has made an interesting U-turn, replacing its GFC-level low predictions with a positive assessment of the property market.
In a statement released yesterday, the organisation pointed to increased values across capital cities as an indication things were on the up.
“The data will be yet another blow to the housing market doomsayers that, against all available evidence, continue to portend a collapse in Australia’s housing market.
“The fundamentals of Australia’s housing market remain very strong – rents continue to grow at a rate well above headline inflation, rental vacancy rates are tight, and Australia’s unemployment rate remains the envy of the developed world,” said its senior economist Andrew Harvey.
Only last month, HIA was concerned construction activity and home loan requests would reach “GFC-level lows” before the end of the year.