House prices across the country are on track to fall 18 per cent and not start rising until 2024, one of the nation’s biggest lenders has predicted amid warnings the rental market will become even more expensive as overseas workers return to Australia.
ANZ economists Felicity Emmett and Adelaide Timbrell said interest rates were weighing on a property market that experienced the biggest spike in prices in a generation through the COVID-19 pandemic. Nationally, ANZ expects house price falls to be larger next year than in 2022, tipping an 11 per cent drop in 2023 after a 7 per cent decline this year.
Prime Minister Anthony Albanese said all levels of government had to contribute towards improving housing affordability.It said by October, new borrowers needed 31.6 per cent of average household income to meet monthly mortgage repayments compared to 25.8 per cent in January. “What we have done is to accept responsibility for making changes that the national government can do,” he said.Greens housing spokesman Max Chandler-Mather said the SGS report showed Australia could fall into a social crisis if rents continued to climb and wages remained stagnant.
The media and other nobodies makes these bold predictions yet property prices keep rising. If you want financial security in your old age then buy property or gold. That’s been the formula for a comfy old age for centuries.
Just stop quoting economists. They know bugger all about anything
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