The property market has turned in a big way, with Tasmania’s price expectations and confidence now higher than that of NSW.
Tasmania now boasts the highest property confidence in Australia, according to the quarterly ANZ/Property Council survey.
The state recorded an index reading of 158.3 for the March 2016 quarter – up from 136.9 in the March 2015 quarter.
NSW placed second on the list, despite falling from 145.7 last year to 142.2 this year.
Victoria jumped from 131.6 to 139.9, while Queensland slipped from 138.6 to 137.6.
The ACT recorded a big increase, from 110.8 to 131.1, while South Australia recorded a smaller increase, from 113.7 to 119.1.
However, Western Australia’s property confidence has fallen off a cliff in the past year, dropping from 112.5 to 69.2.
Meanwhile, NSW and WA are the two states where prices are forecast to fall, according to the survey.
NSW recorded an index reading of -4.1, which means that more survey respondents expect prices to decrease than increase this quarter. The state’s March 2015 reading was 49.2.
WA recorded similar movement, with the index falling from 3.5 in March 2015 to -46.2 in March 2016.
Tasmania has the greatest expectation of price growth, with the index jumping from 41.7 to 65.2. The ACT was also a big mover, climbing from 7.2 to 27.7.
Prices in the other three states will increase at a decreasing rate, if the survey is any guide.
Victoria’s capital value expectations fell from 31.1 to 12.9, Queensland’s fell from 55.1 to 35.3 and South Australia’s fell from 46.1 to 34.1.