{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"ANZ's Late Price Guess","description":"ANZ, the worst forecaster on property price outcomes in the nation, has just published its forecasts for what will happen with house prices in 2024. Yes, that\u2019s right. They\u2019ve published, in October, forecasts for house prices this year, a couple of months before the end of the year. Why have they done this? Because it\u2019s the only chance ANZ has of getting it right with its property price forecasts.  Essentially what it has done with these \u201cpredictions\u201d is take the existing situation and extrapolate it two months into the future. So, you will be amazed to learn that they\u2019re predicting that Perth, Adelaide and Brisbane will lead on price growth in 2024. You\u2019d pay good money for insights as sharp as that, right?! The big four banks, collectively, have terrible track records in forecasting property price outcomes.  They are ALWAYS \u2013 and I do mean ALWAYS \u2013 wrong, but usually they are spectacularly wrong. But ANZ bank is the worst of them. At the start of 2024, it predicted house prices would fall across the nation in 2024 \u2013 by as much as 15%. They did the same at the start of 2023 \u2013 forecasting massive decline in house prices. Of course, it\u2019s now clear that they got this horribly, horribly wrong \u2013 because they just don\u2019t understand real estate dynamics. Their reason for expecting prices to collapse in 2023 and again in 2024? Because of high interest rates. Essentially that\u2019s all they have in their kit bag of real estate knowledge. Interest rates high or rising? Property prices fall, according to the ANZ mindset. Except they don\u2019t \u2013 and they didn\u2019t. ANZ has a few problems at the moment. It\u2019s been taken to court, successfully, by federal authorities like ASIC because it\u2019s not only incompetent, it\u2019s an organisation with dodgy ethics. But once they sort out their legal issues, they might turn their attention to sacking their senior economists who continually pump out ridiculous reports claiming to be research \u2013 including absurdities like forecasting property price outcomes for the calendar year, just two months before the end of the year. The report, rather comically, is titled \u201cProperty Insights\u201d \u2013 but there is nothing insightful in this report or anything else emanating from ANZ any time in the past several years.   ","author_name":"Hotspotting","author_url":"http:\/\/sites.libsyn.com\/101000\/site","html":"