PERTH HOUSE PRICES COULD RISE 19 PER CENT THIS YEAR!

Australian housing prices are set to soar 17 per cent this year across the capital cities, a sharp rise that could lock some aspiring first-home buyers out of the market, ANZ economists have warned.

Sydney and Perth housing prices are forecast to jump 19 per cent in 2021, followed by Hobart (18 per cent), Melbourne and Brisbane (16 per cent) and Adelaide (13 per cent), the research found.

With banks likely to make it easier to get a home loan, the bank regulator could step in later this year and restrict borrowers from taking on too much debt compared to their incomes, which would slow price growth in 2022.

The upgraded forecast comes amid a red-hot property market, with buyers offering huge sums at auction or making offers within days of homes being listed.

Ultra-low interest rates – and the expectation that rates will stay low for years – have enabled buyers to borrow more money and bid up prices.

Pent-up demand after last year’s lockdowns has fueled the boom, with many residents looking for larger accommodation to work from home.

The latest forecast is in stark contrast to predictions made by economists this time last year that prices would fall between 10 and 20 per cent.

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