Sydney House Prices To Climb 21%
The latest predictions from NAB forecast a significant lift.
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NAB has adjusted its growth forecast for Sydney housing prices by a substantial 7% to 21.6% this year – following the record-breaking results seen in the first half of 2021.
The bank has also readjusted its 2022 prediction, halving gains.
Away from the NSW capital, the bank also upgraded its expectations in other capitals – Melbourne now forecast to grow by 17.6%, up from NAB’s April prediction of 16.2%.
Elsewhre, Brisbane is expected to see 19.5%, Adelaide 17.4%, Perth 11.6% and Hobart 23.5% respectively.
NAB expects 2022 to slow significantly, expecting house prices to grow by 3.1% in Sydney, 3.5% in Melbourne, 4.4% in Brisbane, 3.4% in Adelaide, 3.9% in Perth and 4.3% in Hobart.
This comes as the bank adjusts its April figures which suggested 2022 would see Sydney house prices rise by 6%, Melbourne 5.5%, Brisbane 6.2%, Adelaide 6%, Perth 5.6% and Hobart by 6.1%.
The combined capitals are predicted to see home prices jump 18.5% in 2021 and 3.6% next year, bringing questions of housing affordability spurred on by record low interest rates into discourse.
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More than one fifth of Australians are cutting back on the number of people they socialise with
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Australian social circles are shrinking as more people look for ways to keep a lid on spending, a new survey has found.
New research from Finder found more than one fifth of respondents had dropped a friend or reduced their social circle because they were unable to afford the same levels of social activity. The survey questioned 1,041 people about how increasing concerns about affordability were affecting their social lives. The results showed 6 percent had cut ties with a friend, 16 percent were going out with fewer people and 26 percent were going to fewer events.
Expensive events such as hens’ parties and weddings were among the activities people were looking to avoid, indicating younger people were those most feeling the brunt of cost of living pressures. According to Canstar, the average cost of a wedding in NSW was between $37,108 to $41,245 and marginally lower in Victoria at $36, 358 to $37,430.
But not all age groups are curbing their social circle. While the survey found that 10 percent of Gen Z respondents had cut off a friend, only 2 percent of Baby Boomers had done similar.
Money expert at Finder, Rebecca Pike, said many had no choice but to prioritise necessities like bills over discretionary activities.
“Unfortunately, for some, social activities have become a luxury they can no longer afford,” she said.
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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
