Westpac has reined in its house price expectations for Sydney and Melbourne while sharply raising its forecasts for Perth, Brisbane and Adelaide for this year as the capitals’ performances further diverge.
“Slowdowns look slightly more pronounced in Sydney and Melbourne – affordability is a factor for both and the Victorian policy changes are still being absorbed in Melbourne,” he wrote in a research note. Adelaide home values are set to rise by 8 per cent, which is twice as high as the bank’s previous prediction.
ACT was the second-most-expensive housing market at an average price of $959,500, followed by Victoria at $914,300. The NT remains the cheapest housing market with homes fetching just $511,400 on average.
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