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Where Hobart house prices are heading, according to ANZ

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Where Hobart house prices are heading, according to ANZ

by Sam O Connor 25 November 2020 1 minute read

In the ANZ’s latest report, Australian housing: a strong 2021, the bank’s economists forecast a buoyant year ahead for the Hobart housing market.

Where Hobart house prices are heading, according to ANZ
November 25, 2020

Alongside PerthPerth, TAS Perth, WA and Brisbane, the southernmost capital’s forecast was for more than 9 per cent growth.

ANZ economists Felicity Emmett and Adelaide Timbrell say an early COVID-19 vaccine rollout and the resulting lift in sentiment may drive “larger price gains than we anticipate”.

“That said, we think regulators would be quick to step in with macro-prudential measures if the market looked to be overheating,” the economists said.

Felicity and Adelaide said Hobart’s property market – alongside Adelaide, Darwin and Canberra – had maintained an upward pricing trend through the pandemic.

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They said house prices were turning higher, helped by lower interest rates, substantial government stimulus and a bounce in confidence as the second wave of the pandemic comes under control.

“These factors seem to be offsetting weak fundamentals of high unemployment, very low population growth and a fractured rental market,” the economists said.

In the latest NAB residential property survey, the forecast for Hobart was also strong, with a nation-leading 5.1 per cent growth expectation next year, followed by 7.1 per cent and 7.4 per cent in the following years.

Where Hobart house prices are heading, according to ANZ
Where Hobart house prices are heading, according to ANZ
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Sam O Connor

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