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Real estate: Housing outlook moderate to grim, according to experts and property industry

25 January 2017

Millions of Australians have profited from the mantra that house prices only ever go up. But is that shibboleth about to be demolished?

Certainly, most of the experts the ABC has spoken to are not expecting the kind of double-digit price growth in 2017 that Sydney and Melbourne have experienced for much of the past five years.

NAB's latest quarterly residential property survey — based on interviews with around 250 industry participants — is tipping average capital city house price growth of 3.4 per cent, with units expected to lose 0.8 per cent in value this year.

The bank's chief economist Alan Oster said its housing price forecasts were revised upwards, from +0.4 and -1.6 per cent for houses and units respectively.

"Solid market sentiment in the NAB survey and a surprisingly strong price response to lower interest rates in 2016 has prompted us to revise up our 2017 forecasts, given NAB's expectation for more rate cuts this year," he noted in the report.

Click Here to read the full article from the ABC. 

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