Poll: Aussie home price downturn over

House prices fell only about 9% from their peak, after surging 25% during the Covid pandemic.

SYDNEY: Australian home prices likely bottomed much earlier than previously expected and will rise for the rest of this year and next, as the Reserve Bank of Australia (RBA) is at or near the end of its tightening cycle, a Reuters poll of analysts has found.

The RBA has raised rates by 400 basis points since May 2022 to 4.10%, but that policy move did little to dent house prices which fell only about 9% from their peak, after surging 25% during the Covid pandemic.