House prices to fall in 2023: Property value predicted to fall by 11 per cent trends now
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The prices of homes around Australia are expected to drop by an average of more than $100,000 this year.
National Australia Bank chief economist Alan Oster said Australia's economy is struggling with only 0.7 per cent growth forecast for 2023.
'Unemployment is going to go up a bit but not excessively. Property prices are down 6 per cent in 2022, they will go down another 11 per cent this year,' he told the Herald Sun.
Mr Oster said the drop will come as a 'slow burn' with its full effects not felt until the end of this year.
An 11 per cent home value drop would see a $132,000 decrease in Sydney and $107,000 in Melbourne.
Brisbane property prices are expected to fall by 15.1 per cent - an average of $118,000.
Property values around Australia are expected to plummet by 11 per cent this year, with major cities expected to cop losses greater than $100,000 on average
ANZ has also predicted housing prices will fall by 11 per cent while Commonwealth Bank economist Gareth Aird believes there will be a 15 per cent drop 'from peak
