The Aug. 14-29 Reuters survey of 14 analysts forecast home prices will rise 4.4% this calendar year, a significant upgrade from the flat-lining predicted in a poll published in June. In 2024, average house prices were forecast to drift up another 5%, in line with the latest New Zealand home price poll forecast and a slight increase from 4.5% in the previous poll. With many aspiring homebuyers kept away from ownership and remaining in the rental market, average lease prices were also expected to rise sharply. "Unfortunately, most indicators suggest the squeeze has longer to run with additional supply unlikely to come onto the rental market anytime soon." Home prices in Sydney were forecast to rise 6.9% this year and 5.0% next, while prices in Melbourne, Brisbane, Adelaide, and Perth were expected to rise between 3% and 6% in 2023 and 2024.

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Persons: Michelle Ciesielski, Knight Frank, Ciesielski, homebuyers, Matthew Hassan, Devayani Sathyan, Susobhan Sarkar, Hari Kishan, David Holmes Organizations: Reserve Bank of Australia, Westpac, Thomson Locations: New Zealand, Australia, Sydney, Melbourne, Brisbane, Adelaide, Perth