Day: May 7, 2020

COVID-19: NAB forecasts $100,000 hit to Melbourne house prices

NAB has forecast a $100,000 loss to the price of Melbourne’s typical house.

One of the nation’s big four banks has warned Melbourne’s typical house price will lose more than $100,000 due to COVID-19.

NAB forecasts released yesterday tip a 10 per cent plunge this year and another 4 per cent drop in 2021, for a combined 14 per cent virus-led hit to the city’s house prices.

The predictions indicate Treasury estimates of a 9 per cent fall over the next 12 months do not capture the full span of the crisis as it spreads into 2021.

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