Property Prices Set to Boom 16%, says CBA
Property prices are expected to rise as much as 16% over the next 2 years!
Commonwealth Bank economists have predicted that the “property housing market is on the verge of an increase and property prices are expected to rise as much as 16% over the next 2 years.”
Record low interest rates and improving employment levels will fuel the price rises.
The bank economists expect national dwelling prices to rise by 8% in 2021 and 6% in 2022 and a result “tilted towards stronger outcomes” is highly possible.
“The boom is being driven by record low mortgage rates coupled with a V shaped recovery in the labour market,” Mr Aird said.
Both the CBA’s home buying measure and the house price expectations index from the Westpac Melbourne Institute’s Consumer Sentiment survey have surged.
Westpac’s economists have also predicted a 15% national price “surge”, or about a 7.5% increase per year for residential property.
Source: Australian Financial Review
