Major Banks Expect Australian Property Boom to Continue

Tom Panos, a Sydney-based auctioneer expects more listings on the market in the next few months. Source: Supply

Australia’s major banks are forecasting the nation’s property boom to continue under the auspices of strong economic rebound and ultra-low interest rates. The accelerating post-COVID-19 price rise is largely driven by owner-occupier purchasers and reflects supply lagging behind the shifting demand.

The CEOs of four major banks all signalled an optimistic outlook on the house price growth during the latest session with the House Standing Committee on Economics in Canberra.  Commonwealth Bank (CBA), Westpac Bank and National Bank of Australia (NAB ) forecast an increase of at least 10 percent this year, and ANZ Bank expects annual growth of up to 17 percent.