Westpac Expects Another 10% Drop in House Prices by the End of 2024
November 15, 2022
PHOTO: Stuff
Westpac estimated house prices have so far fallen by 11% from their peak. That means a house worth $1m last year would now be worth $890,000 on average.
A further 10% fall from current prices would knock off another $89,000, resulting in just under a 20% fall in value, when the price last year was used as the starting point.
Acting chief economist Michael Gordon said the scale of inflation had left the Reserve Bank on the back foot.
Economic growth will have stalled by the end of next year, according to the bank’s forecasts, he said.