^Source: NAB Residential Property Survey, Q2 2021
NAB economists said that in the past six months new housing market constraints had emerged.
“A lack of development sites was again the biggest impediment for new housing development in the country in the second quarter, led by Victoria and NSW,” the report stated.
“The impact of construction costs climbed sharply and it has now emerged as the next biggest constraint, and is ‘very significant’ in WA.
“Issues arising from labour availability also jumped sharply.”
The NAB Residential Property Survey also showed housing affordability was also starting to weigh heavily, particularly on first home buyers.
Tasmania tops economic outlook
Hobart’s top ranking performance for house price growth is tipped to outshine most other capital cities into 2022.
Tasmania led the national results, driven by relative population growth, according to the CommSec State of States.
“In a relative sense, and for the sixth quarter in a row, Tasmania holds the mantle of the best performing economy,” the report found.
“There are few signs of Tasmania giving up the position as top performing economy in the next six months.
“The success in suppressing the Covid-19 virus has meant Tasmania hasn’t been forced to lock down its economy to the same extent as other economies, although it has had to close borders.”
The state led the country for equipment investment, employment, relative population growth, dwelling starts and wage growth and came a close second for construction work and retail spending.
Article Source: www.theurbandeveloper.com