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ANZ predicts epic national property price crash

A major lender has revealed property prices are set to plummet by almost 20 per cent, wiping more than $200,000 off the median value of a Sydney home and causing large falls around the country over the next two years.

Storm over Sydney and the Parramatta river.
Storm clouds are building over Australian property if bank price predictions are to be believed.

No state capital escapes unscathed in ANZ’s newly released property price forecast for the next couple of years.

In a report whose title says it all, Australia’s Housing: Downhill until 2024, the bank predicts the national property market will suffer a massive 18 per cent fall from peak to trough before recovering slightly in 2024.

The epic correction is expected to be driven by the steep increase in mortgage rates

that started in May and are l…