The median Australian property price could plummet by more than $150,000 by the end of next year as interest rates rise, an ANZ_AU report has forecast. 7NEWS
“They’ve seen quite decent growth up to this time of this year, I think that now they’re going to start turning around,” Tindall said.
Since then the cash rate has been hiked up several times, and when interest rates go up, the amount you are able to borrow goes down.What does this mean for homeowners? “For those who bought a new home at the peak, news of big property price drops might make them feel sick to the stomach.“Prices do fluctuate and if you can still make your mortgage repayments, it may be worth riding out the drops, as prices do tend to eventually go back up.”
By December 2024 the same analysis predicts that the national median house price of $666,141 could rise 5 per cent to $699,448.
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