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Australian housing market 'top' called by investment bank UBS

Monday, Apr 24 2017
Australian housing market 'top' called by investment bank UBS

The Australian housing market has peaked in the opinion of economists from global investment banking giant UBS. The bank's economics team said it usually takes rising official interest rates to stop the upward phase of a property cycle, but this very lengthy boom may be different.

"While the historical trigger for a housing downturn (of RBA hikes) is missing, mortgage rates are rising, and sentiment of home buying collapsed to a [near] record low," wrote Scott Haslem, George Tharenou and Jim Xu from UBS. "Hence, we are 'calling the top', but stick to our forecasts for [dwelling construction] commencements to 'correct but not collapse' to 200,000 in 2017 and 180,000 in 2018."

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