Economy

House prices may fall more than 10% – Westpac

Jenny Ruth
Wed, 24 Mar 2021

Westpac acting chief economist Michael Gordon.
Jenny Ruth
Wed, 24 Mar 2021
The government's housing package will reverberate through the wider economy, making the recovery even more gradual and taking any rate hikes off the table, according to Westpac economists.They are predicting the new policies will cause house prices to fall 10% in the longer term, but the resulting disruption could cause an even worse slump in the short term.The removal of interest deductibility for residential property investors and the doubling of the "brightline" test to 10 years "indicates significant downside risk for hou...

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