Sydney and Melbourne home prices could fall by 20 per cent as the Reserve Bank of Australia, which has lifted interest rates by 75 basis points in the past five weeks, moves aggressively to stifle demand andCameron Kusher, executive manager for economic research at REA Group, said the RBA is moving quicker than anticipated and predicted national dwelling prices will fall by 10 per cent to 15 per cent, and higher in Melbourne and Sydney.Fairfax Media, to reach a peak of 1.
“Given the speed at which interest rates are going to rise, we expect property prices to fall by 10 to 15 per cent and possibly even more than that.“Price falls in Sydney and Melbourne could get up to 20 per cent, maybe even a little bit more than that, depending on how quickly interest rates rise.”“At the top end you tend to have a more finite supply of buyers, particularly when the market is getting tougher,” he said.
Paul Bloxham, chief economist ANZ at HSBC, said the RBA has moved to “inflation fighting mode” and predicted the cash rate will now reach 2.10 per cent in early 2023.Advertisement
They have NFI even after all these years watching the property market
20 🤣
That’s OK.RBA has done what Labor and LNP at State and Federal have failed to do for the last 20 years, address housing affordability. A good 20% will do it. Some will pay a price but greed got the better of them as were into capital gains investors and first home owners alike.
Well they just went up 30%, so a net gain of 10% seems about right. BringbackBernie
“Could fall 20%” 😂 I guarantee those well located shacks selling for $3 million last year will be closer to $2 million in 2 years time. Judgement day has arrived. Morons thought rates would never go up and house prices never go down