The Wall Street Journal (WSJ) has published an interesting report on the sychronised house price busts taking place across Australia, New Zealand and Canada, which follows the world’s biggest price booms in the years leading up to the pandemic. Accordingly, Oxford Economics believes Australia, New Zealand and Canada are among the markets most at risk for large house price declines. It tips home prices in Canada could fall 30% and New Zealand prices could drop 20%. Whereas recently released documents from the Reserve Bank of Australia show that house prices in Australia could plunge 20%. After experiencing record house price booms on the back of rock bottom rates, Australia, New Zealand and Canada now face record busts as monetary conditions tighten at their fastest pace on record.

Source: Stuff November 09, 2022 03:42 UTC