PHOTO: Australian property
- Australia’s housing market downturn, already one of the largest on record in terms of price falls and duration, is likely to come to an end in the second half of this year, says HSBC.
- The bank says “evidence of some stabilisation in the housing market is starting to accumulate”.
- HSBC says there have been few signs of distressed sales with mortgage loan arrears and defaults are low.
- Australia’s median home price has fallen 7.9% from September 2017. Capital city median values have fallen more than 10%.
Australia’s housing market downturn, already one of the largest on record in terms of price falls and duration, is likely to come to an end in the second half of this year, says Paul Bloxham, Chief Australia and New Zealand Economist at HSBC.
“We expect the housing market to stabilise by the second half of 2019,” Bloxham said in a note released on Wednesday.
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