'We now expect the turning point in property prices to occur in the second half of 2022.' 9News
will fall around 10 per cent in 2023 as looming interest rate hikes threaten to take the steam out of the market., the National Australian Bank said it now expects the housing market to turn a corner soon after rates are hiked by the Reserve Bank.
While it may sound like property bargains on the horizon, NAB economists were careful to point out that any decline comes after what has been the most rapid increase in prices since the 1980s. "This would see the RBA begin normalising rates from November 2022 with a steady series of hikes to come through 2023 and 2024."When broken down by capital cities, NAB expects Sydney and Melbourne to drop the most in its 2023 forecast , followed by Perth and Brisbane .
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