The worst is yet to come for the housing market

Predictions of the housing market bottoming out soon are premature because the worst impact of higher interest rates is yet to come, experts say.and improvement in the drivers of inflation had prompted some industry insiders to declare that the housing downturn was about to end and that prices would fall by smaller amounts.Peter Rae

“Given how significant fuel and supply chains were to our high inflation, this gives us an insight into how our high inflation may be over sooner than later. With inflation starting to pull back, so too does the need to raise interest rates.” “I continue to see average home prices falling 15 per cent to 20 per cent top to bottom, with the low most likely in the second half of next year after the RBA stops hiking and starts cutting rates, which is not expected until the second half of next year.”

“I think it’s very premature to be calling the bottom of the housing market when many participants in the market would hardly have even felt the impact of rate rises yet,” Ms Emmett said.

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