PHOTO: Expect to see a whole lot more of these in the coming months. (AAP)
Australia’s housing market downturn is coming to an end, with leading economists predicting a spike in house prices as soon as July.
Property prices fell one per cent nationally in January, with CoreLogic data showing a smaller decline of 0.5 per cent in April – a result tipped to be repeated for May.
It comes after Commonwealth Bank’s incoming, home loan applications jumped to a 10-month high and strong predictions of interest rates cuts
Macquarie Bank’s equities strategy team said data has previously demonstrated a huge bounce-back after a peak decline in property prices, with history expected to repeat itself come July.
“Australia’s house price growth reached its worst on an annualised basis in January. Prices have continued to fall since then, but the rate of decline has slowed,” the bank wrote in a statement.
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