Aussie house price inflation set to improve

Out of reach: A cyclist rides past apartment buildings in the suburb of Rhodes in Sydney. Property prices have nearly doubled since the global financial crisis of 2007-09 in Australia, making housing unaffordable to many. ― Bloomberg

BENGALURU: Australia’s soaring house price inflation rate will lose altitude next year and in 2023, but prices are still expected to rise in one of the hottest property markets in the world, a Reuters poll has found.

In response to the pandemic-induced economic slowdown, the Reserve Bank of Australia (RBA) slashed interest rates to a record low and flooded the financial system with cash.