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 June next year when the first wave of Australia’s coronavirus pandemic was at its peak in April. Westpac chief executive Peter King, who was appointed to the role permanently in April by chairman John McFarlane, said improv
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 June, marking the biggest back-to-back increase in home loans in 18 years of records, CommSec chief economist Craig James says. “Today’s economic data can be filed in the ‘encouraging’ category,” he said. “Home loan data
