House Prices To Slow Before Falling: ANZ
The bank is forecasting housing growth to ease in the next two years.
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House price growth is expected to peak before the end of 2021 before moderating to 6% nationally in 2022 and falling by 4% in 2023, according to the ANZ.
Nationally, the housing boom of 2021 is expected to lift prices to above 21% by the end of the year. Sydney will reach a peak of 27% — the strongest growth since the late-1980s boom.
However, according to the ANZ’s senior economists Felicity Emmett and Adelaide Timbrell a slowdown is in sight.
“With tighter credit, rising fixed mortgage rates and a large increase in stock on the market combined with decreased affordability all set to dampen price growth in 2022,” they wrote in the latest housing market research.
Capital city prices overall are expected to lift by a further 6% in 2022 as the post-pandemic boom eases.
According to the ANZ’s outlook, the strongest gains will be made in Brisbane (9%), Hobart (8%) and Melbourne (7%). Sydney’s long and steep surge will flatten to 6% next year.
“While affordability constraints and a better supply-demand balance will help slow the market, the path of interest rates will be critical to developments in the housing sector,” the ANZ team wrote.
The ANZ analysts expect the Reserve Bank of Australia to leave the cash rate on hold – it is currently at 0.1 per cent – until the first half of 2023.
By the end of 2023 the forecast prices nationally are expected to have fallen by 4%. Sydney is expected to feel a 4% drop while Melbourne, 2%.
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This home has all the conveniences of modern living set in a dramatic landscape
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Plenty of people are looking to get away from it all. But most are reluctant to give up the conveniences and small luxuries of modern living.
This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.
Central to the floorplan is a generous, north facing open plan living space with raked ceilings and wraparound bay windows leading onto a sun-filled deck via sliding doors.
Entry is via a spacious reception area with integrated hall table and storage cupboard. A short hallway offers access to the master suite to the right and secondary bedrooms to the left, or through to the open plan living area to the rear.
The master suite includes a built-in robe and stylish, semi open ensuite. Sliding doors lead onto the split level deck, with a spa on the lower side to provide privacy.
The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.
At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.
With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature.
Address: 166 Westwood Street, Bridport
Inspection: By appointment
For sale: By Offer
Price guide: $2.3m t0 $3m
Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au
From faulty family villa to modern beach house.
