New Survey Predicts Declining Home Prices In Australia

11967_125px-flag_of_australia.svg New Survey Predicts Declining Home Prices In Australia The Australian housing market is expected to continue facing a decline in home prices for the next 12 months, according to a new survey by National Australia Bank Ltd. (NAB).

Bloomberg News reports that Australian home prices fell 2% in the second quarter. The NAB survey of 300 real estate agents predicts home prices will fall by another 1.5% through the end of the year before rising 1% by June 2014.

The NAB survey follows the news that Australian home loan approvals fell 1.2% in May from April while rents were forecast to rise by 2.2% over the next 12 months. However, a report by the Housing Industry Association found residential land sales rising 6.8% in the first quarter of this year, which the trade group declared to be an encouraging development.


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