One of the nation’s biggest banks is tipping Sydney and Melbourne property prices to rise more than 20 per cent by the end of next year while warning first-time buyers are reaching their financial limits.
“The better than expected recovery in the economy and labour market alongside very low interest rates has supported the strong rebound in the property market,” Dr Oster said in the report. Last year, major banks and forecasters wereUnderpinning the dramatic slowdown in price growth now expected in 2022 following the surprise boom during the pandemic is an expectation that buyers, including first-time purchasers, are starting to hit an affordability ceiling.
But NSW and ACT first-home buyers are those most likely to say house prices are impacting their ability to get on the housing ladder.
JennieDuke Stop reporting misleading forecast. What happened in March 2021 can’t be a basis for the rest of the year. Also, this is going to be a huge issue come election. Socially as well as economically.
JennieDuke About time there was a rise. $1.4M median far too cheap. Needs to be over $2M.
JennieDuke The crash in three years will be mayhem. Can't wait.
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