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Yellow Brick Road Chairman, Mark Bouris, appeared on Sky News this morning to discuss NAB’s latest property price forecasts for 2023.
NAB forecasts a double digital fall across Sydney and Melbourne in 2023, but Mark believes it all depends on the number of interest rate rises we can expect to see this year.
Mark said, “The reserve bank has pretty much quashed everybody’s view on how many interest rate rises we should have, other than saying ‘yes we will look at interest rate rises in 2023’. But the reserve bank has pretty much stood on top of everyone else and said ‘listen, we’re in charge of rate rises around here, we’ll tell you when the rate rises are going to happen and how much they’re going to be. So you and your economists can do all of your pitching to the media but we’re going to tell the story.’”
Mark emphasised that the Reserve Bank are the ones we should all be listening to when it comes to interest rates.
Listen in to hear Mark’s commentary on:
- the speculation around interest rates and the likelihood of a rate hike this year or next; and
- how interest rate changes will affect property prices in the major cities as well as the regional areas along with the buying habits of people.