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Westpac projects 15% rebound in property prices
Westpac projects 15% rebound in property prices 21 September 2020 Matthew Hughes Article by: Charbel Kadib Source: MortgageBusiness.com.au September 21, 2020 Record-low mortgage rates and a “less severe recession than feared” are set to pave the way for a V-shaped recovery in residential property market, according to Westpac’s chief economist. Westpac chief economist Bill Evans has revised his residential property price projections amid signs of stronger than expected economic recovery. Mr Evans has initially forecast a 10 per cent decline in national home values over the period between April 2020 and June 2021. However, Mr Evans is now anticipating a peak-to-trough decline of 5 per cent, with several capital cities, including Sydney, proving “more resilient” to the economic fallout from the COVID-19 crisis. However, Mr Evans continues to forecast a steeper downturn in home values in Melbourne (12 per cent), which continues to grapple with lockdown measures. Based on Mr Evans’ new projects, national home values are now expected to fall by just 2.3 per cent in the coming months – having already fallen by 2.7 per cent – before stabilising in June 2021. Moreover, Mr Evans and senior e
Article by: Charbel Kadib Source: MortgageBusiness.com.au September 21, 2020 Record-low mortgage rates and a “less… Read Article