According to the Australian Financial Review, national home prices are expected to drop 20 per cent overall from their peak, with the bulk of the decline to come next year for most capitals except Sydney, where the correction has hit harder and earlier, according to NAB.
NAB expects housing prices in Sydney – houses and units combined – to fall 12.9 per cent this year and 9.4 per cent next year. Melbourne prices are forecast to drop 9.1 per cent this year and 14.1 per cent next year. Brisbane will slip into negative territory this year before declining 9.4 per cent in 2023, on NAB’s forecast.
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