PHOTO: Commonwealth Bank of Australia
SYDNEY–Commonwealth Bank of Australia expects softening in parts of Australia’s property market, as it looks toward some stabilization following an unexpected boom in pricing and activity.
Chief Executive Matt Comyn said home loan activity may ease slightly amid Covid-19 lockdowns in some Australian cities, including Sydney, as witnessed during the Melbourne lockdown last year.
“I think under any reasonable analysis, the very strong performance of the housing market exceeded expectations over the last 12 or 15 months and a period of stabilization, and you certainly expect to see a slowing in some markets due to just affordability constraints,” he said.
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