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Major bank’s revealing insight into housing market

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Economists at one of the country's Big Four banks has offered a major prediction for the property market in 2023, as Australians continue to grapple with the rising cost of living.

In a report dubbed “Australia’s Housing: Downhill until 2024” ANZ predicts the housing market will be impacted across all capital cities before making a slight recovery in 2024.

“We expect capital city prices to fall 18 per cent over the balance of 2022 and 2023, before a 5 per cent gain in 2024 as mortgage rates fall,” the report says. “A tight rental market, rising immigration and low unemployment will all help to mitigate the weakness in housing demand.”

 

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