Australia’s Red-Hot Housing Seen Surging 22% in 2021, Says Westpac
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Australian home prices will surge 22% this year, economists at Westpac Banking Corp. said, upgrading their forecast from a previous 18% and warning it could force regulators to try to further rein in credit growth.
Prices across major cities are up 17% over the year to September and are on track to jump 1.5% this month, Westpac said in a research note Thursday. That’s even as the country’s two largest cities are only just beginning to ease lockdown restrictions and following macroprudential curbs on lending.