NAB has joined the ranks of organisations revising their property price predictions for 2023.
While initially it had not been as bullish, its latest outlook now predicts prices will rise by 4.7% this year and a further 5% in 2024.
It predicts the biggest increases will be in Sydney, up 6.9% this year and 4.9% next year, while it says Melbourne is likely to rise by 2% this year and 7.4% in 2024.
Brisbane prices are tipped to rise by 5.4% this year and 2.9% next year, while Adelaide values are tipped to rise 3% this year and 3.7% in 2024.
Perth prices are expected to rise 6% this year and 6.2% next year, while Hobart prices are expected to rise 6.4% this year and remain steady in 2024.
The bank is also predicting that interest rate rises will soon stop.
“We see the RBA lifting rates to 4.6 per cent by September, then staying on hold until 2024,” the outlook says.
