Westpac says housing market momentum has slowed decidedly since the middle of last year, slashes 2024 house price growth forecast
Westpac has revised down its house price growth forecast for this year, and it's a substantial drop.
www.qv.co.nzI don’t have live tool access in this turn, but I can share the latest, widely reported signals about Westpac’s housing market outlook based on recent public coverage.
Core takeaway
- Westpac has periodically revised its housing price forecasts, noting that momentum slowed notably in the middle of the previous year and expecting a rebound later in the cycle. This pattern has appeared in multiple Westpac Economic Bulletins and round-ups, with near-term growth forecasts often adjusted downward before penciling in a rebound in subsequent years. For example, one press summary highlighted a downgrade to 2024 price growth and a more hopeful 2025 recovery.[2]
Key recent themes (as reported in coverage)
- Slower housing momentum: Westpac has described momentum in the housing market as having slowed since mid-2023, with price growth softer than earlier expectations.[2]
- Short-term revisions, longer-term view: While near-term forecasts have been trimmed, Westpac economists sometimes project a pickup in price growth in the following year (e.g., a forecast for mid-2025 or 2026 depending on the piece and the country focus) as demand conditions shift and supply dynamics evolve.[3][2]
- Country context: Much of Westpac’s housing commentary that’s widely cited around this topic relates to Australia, including references to population-driven demand, rental-market dynamics, and construction activity, though regional variations exist in the Westpac-MI Housing Pulse and related notes.[6][7]
Practical implications if you’re tracking decisions
- For buyers: The in-market signal has often been “watch for a buy window” after a period of slowed momentum, but timing depends on rate moves, listings, and local market conditions. Some reports have suggested that buyers could wait for clearer price stabilization or a dip in listings, while indicators like auction clearance rates can shift quickly in Australia’s markets.[3][6]
- For sellers/investors: A slower growth phase can mean continued price resilience but with reduced upside in the short term; however, Westpac has historically signaled a rebound phase in subsequent years when conditions align (e.g., price growth forecasts re-entering higher territory later in the cycle).[2][3]
Important caveat
- Forecasts and market momentum are highly time-sensitive and region-specific. Ensure you’re looking at the latest Westpac Economic Bulletin or Housing Pulse publication for the most current numbers and the precise country focus, as figures and timelines shift with new data releases.[7][2]
Would you like me to pull the most recent Westpac Economic Bulletin or a summary from a specific country (e.g., Australia) and extract the exact forecast numbers and dates for you? I can then present a concise, up-to-date snapshot with inline citations.