PHOTO: Melbourne
Melbourne house prices will fall by 15 per cent, according to new predictions by ANZ’s economists.
The bank also forecasts tough times for Sydney owners, with housing set to drop by an estimated 13 per cent. It predicts the bottoming out of prices will likely occur in the second half of 2021.
The bank predicts a national price drop of 10 per cent, with the smaller cities expected to have less drastic falls in price: Hobart at 9 per cent, Brisbane by 6 per cent, Perth at 4 per cent, Adelaide 3 per cent, and Canberra 2 per cent.
These forecasts are sunnier than those made by the bank in May.
“The decline in house prices over the past three months has been slightly more modest than we expected,” the report said.
“The government support payments to households, superannuation withdrawals and deferred mortgage repayments are all supporting the housing market.
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