Commonwealth Bank expects a peak in 2022 and then a drop the following year as borrowing costs rise
Australia’s “red hot” property market has started to cool, with prices to peak next year and sink 10% in 2023 as higher borrowing costs and “natural fatigue” set in, the nation’s largest mortgage lender predicts.
Home prices in Sydney, which will post among the fastest gains in 2021 with a forecast 27% jump, will moderate to a 6% advance in 2022, according to Gareth Aird, head of Australian economics for the Commonwealth Bank. By 2023, though, the harbour city’s prices will fall 12%, the equal most of any capital city, matching Hobart’s predicted retreat.
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