Overall market sentiment (measured by NAB’s Commercial Property Index) fell 11 points to -2 in Q1 2019 – its first negative read in over 4 years.
Deterioration in conditions in most states, with current momentum negative. Household sector weakness evident, investment still ok (outside mining), while agri. facing easing prices and needs rain. Housing sector downturn, population growth centred on the eastern states, agricultural prices easing.
Australia recently experienced one of its largest booms on record in residential investment, driven by new construction as renovations to existing homes inexplicably languished. The Weekly analyses.