Since May of this year, ANZ’s view of Australian real estate Sakurai has clearly turned optimistic. According to its estimation, house prices are expected to rise before the end of the year in view of the obvious changes in market sentiment.
According to the quarterly housing report released by ANZ, prices across the country will bottom out in the next few months, and moderate growth will continue until the end of 2019. Housing prices rose again in 2020, with an increase of about 3%. According to its forecast, by 2020, the Melbourne housing market rose more than 44%. The senior economist at ANZ Bank said that after two years of price declines. Melbourne’s house prices have fallen by 11% compared to the cyclical apex. At present, the market is stabilizing.
However, ANZ experts also warned that a V-shaped recovery in real estate prices should not be expected.
The senior economist said: “Although for a long time, we believe that the credit crunch is the main driver of the weaker housing prices. Although the repayment standard has been relaxed, the household spending measures to measure the benchmark changes, and the introduction of comprehensive credit reports is expected to offset some of the positive influences.”