NAB has released its residential property survey for Q2, with its Residential Property Index reaching a new survey high of +71 points in the second quarter:
The rebound in NAB’s index is universal, although WA, SA and TAS have begun to turn down:
NAB has also ramped-up its dwelling growth forecasts for 2021 from 14.1% in Q1’s survey to 18.5% now; although this has come at the expense of 2022 where forecast growth has slowed from 5.8% growth in Q1’s survey to 3.6%:
If these forecasts come to fruition, 2021 would be the strongest year for Australian dwelling value growth in more than a decade, according to NAB’s index:
Rental growth is also tipped to be solid to strong outside of the ACT over the next two years:
NAB’s price projections might even be conservative given that dwelling values at the 5-city level have already increased by 13.6% in 2021 (i.e. to 26 July), according to CoreLogic:
MB’s assessment of the Australian property market was provided in our 1H subscribers report, released earlier this month.