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Westpac bank predicts Australian property and house prices will fall by December

Australian property prices could stall within a matter of weeks before plummeting following the biggest boom in 32 years. 

In January, home values surged at an annual pace of 22.4 per cent, with the CoreLogic data showing the fast yearly growth since June 1989.

But Westpac, one of Australia’s big four banks, is now predicting the market stalling shortly after Easter before starting to decline by Christmas.

‘We now anticipate an earlier fade in momentum, prices expected to flatten by May this year, ahead of a move into outright correction in the December quarter,’ it said.

Australian property prices could stall within a matter of weeks with a major bank calling a peak in the market. Westpac, Australia’s second biggest bank, is now predicting the market stalling shortly after…


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