TED TABETTHU 17 SEP 20
Westpac is the latest bank to upgrade its short-term home price targets, citing record low interest rates, ongoing regulator support and a steadying economy for its more positive outlook. The bank says residential property prices are now expected to experience a 5 per cent correction through to late 2021 before a 15 per cent surge over the following two years.
Westpac’s economics team initially forecast an average 10 per cent slide in property prices nationally through to June next year when the first wave of Australia’s coronavirus pandemic was at its peak in April.
The bank has substantially revised their outlook.