Soaring Australia house price inflation set to lose altitude next year: Reuters poll

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A row of newly built apartment blocks is seen in the suburb of Epping, Sydney, Australia February 1, 2019. REUTERS/Tom Westbrook

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BENGALURU, Nov 25 (Reuters) – Australia’s soaring house price inflation rate will lose altitude next year and in 2023, but prices are still expected to rise in one of the hottest property markets in the world, a Reuters poll has found.

In response to the pandemic-induced economic slowdown, the Reserve Bank of Australia slashed interest rates to a record low and flooded the financial system with cash — a potent stimulus for a housing market in which prices have nearly doubled since the global financial crisis of 2007-09.

That property boom has been a windfall for existing homeowners but has made housing unaffordable for many, widening the divide between those with substantial home equity and those…

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