Westpac is the latest bank to upgrade its short-term home price targets, citing record low interest rates, ongoing regulator support and a steadying economy for its more positive outlook. The bank says residential property prices are now expected to experience a 5 per cent correction through to late 2021 before a 15 per cent surge over the following two years. Westpac’s economics team initially forecast an average 10 per cent slide in property prices nationally through to Jun

The value of new housing loan commitments jumped in July, recording the biggest rise in 11 years, with an 8.9 per cent uptick on the previous month. Wednesday’s Australian Bureau of Statistics figures show new loan commitments for owner-occupier housing rose in all states and territories, except the Australian Capital Territory, with large increases seen in Western Australia, New South Wales, Victoria and Queensland. July’s 8.9 per cent jump follows the 6.4 per cent rise in J