The Australian property market has been “unstoppable”, with thousands of sales being completed each day, a new report from the Domain Group has found.
Domain Group chief economist Michael Evans said “we expect the Australian property industry to continue to thrive for some time”.
In a research note published on Wednesday, he said sales of all types would be driven by demand from both residential and commercial buyers, and the demand would “remain high for the foreseeable future”.
“We anticipate that the housing market will remain unbalanced over the coming years, with the housing sector accounting for the majority of new home sales in the coming year,” Evans said.
“With the supply of housing in Australia being dominated by overseas investors and investors from Australia’s overseas territories, demand for dwellings from Australian buyers will be strong.”
The study found that there were currently around 3.5 million properties under sale in Australia, representing almost one in five homes sold in the market.
While that figure was slightly lower than the previous year, it still represented a rise of more than 4 per cent from the previous quarter, when there were 3.4 million sales.
Evans said the new figures were “very encouraging”.
“The number of properties under contract for sale is expected to increase further in the next three months, driven by increasing demand from overseas investors as well as a general upward trend in house prices across the Australian market,” he said.
Evans also warned of “unexpected volatility” in the housing markets.
“Despite a relatively high level of activity in the residential property market in Australia over the last six months, it is important to remember that there is no guarantee that all these properties will be completed or even sold in any given month,” he added.
The Domain Group released its findings on Wednesday after a decade-long period of tracking the housing and housing markets in Australia.
“There is no doubt that the Australian housing market is experiencing a significant correction in the near term, and this is likely to be the case for some period of time,” Evans added.
“However, in the longer term, as the housing recovery progresses, the housing crash of 2008 will likely continue to erode confidence in the Australian economy, while the housing boom will continue to generate economic activity and generate wealth.”
Donald Trump’s affidavit about Russian collusion in the 2016 election is not evidence of any new collusion between Trump campaign and Russia, according to a court filing Monday.
The president’s filing was the latest in a series of moves to counter accusations from Democrats that he and his associates colluded with the Kremlin.
Trump’s filing is a response to a motion by House Democrats to compel his to produce his tax returns.
The Democrats are seeking to learn if Trump and his businesses paid taxes in the United States in the years leading up to the 2016 presidential election.
In his affidavit, Trump’s lawyers have said he has complied with his duty to comply with the Internal Revenue Code.
It is unclear if the White House has the power to compel Trump to produce documents.
Democrats have repeatedly called on Trump to turn over documents related to his finances in the 2020 campaign.
He has not.
Trump is scheduled to testify in front of a House subcommittee on Tuesday before the House Committee on Oversight and Government Reform.