At the height of uncertainty in May about the effects of coronavirus on unemployment the nation’s biggest lender tipped 11 per cent property price falls by March 2023 nationally as a “base case” scenario and up to 32 per cent in a prolonged downturn. At the time National Australia Bank expected an 11 per cent drop in 2021 and, in a severe scenario, falls of about 30 per cent over two years.
CBA senior economist Gareth Aird upgraded his outlook in September, forecasting Sydney house prices experiencing the steepest fall in the 12 months to June 2021, with a 4.9 per cent drop before rising….
