ANZ lifts house price forecast on strong market momentum

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ANZ upgraded its house price growth forecast due to stronger than expected market momentum, but it now expects larger falls in value over 2023.

Brisbane’s house prices are expected to rise by another 16 per cent this year, buoyed by strong interstate migration, according to ANZ.upgraded Sydney’s house price growth by 3 percentage points to 9 per cent and Canberra’s by 5 percentage points to 9 per cent.

ANZ senior economist Felicity Emmett said the higher house price forecasts were a reflection of stronger than expected market indicators so far this year. “Sentiment about house prices has also lifted, so there does seem to be just a little bit more momentum in the housing market than we expected a few months back.”Ms Emmett said Brisbane and Adelaide were showing the strongest growth momentum as they continued to benefit from interstate migration, driven by affordability and livability.

 

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