One of Australia’s biggest banks is forecasting a double-digit plunge in Australian property prices as coronavirus sparks a recession and causes immigration to dry up. National Australia Bank predicted capital city house prices would fall by 10 to 15 per cent during the next 12 to 18 months, as unemployment hit levels unseen since the 1930s Great Depression. The bank’s chief economist Alan Oster expected apartment values to plunge at an even steeper pace than houses in Sydney, Melbourne and Brisbane in particular. National Australia Bank predicted capital city house prices would fall by 10 to 15 per cent during the next 12 to 18 months. It saw Sydney’s median apartment price diving by 12.8 per cent by 2021. Pictured is a Coogee unit block on Anzac Day, 2020 ‘While both the depth and duration of the downturn underway remain uncertain – and will depend on the evolution of the spread of COVID-19 – we expect a sharp fall in economic activity in the near-term, followed by a rebound in growth but slower recovery in activity levels,’ he said. ‘We expect dwelling prices to fall by around 10 per cent this year and decline further in the first half of 2021… Read full this story
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