NAB has revised down its outlook for property prices in 2022 and 2023, after predicting the first interest rate hike to occur in November this year.

Property prices are now expected to reach a “turning point” in the second half of 2022 before falling in 2023, according to the latest residential property survey from NAB’s Group Economics, led by group chief economist Alan Oster.

“Overall, we see dwelling prices rising around 3 per cent in 2022 before a decline of around 10 per cent in 2023,” NAB said.

A federal housing affordability inquiry is expected to hand down its final report in the coming weeks outlining recommendations on ways to improve housing affordability.

The Reserve Bank has emphasised the importance of lending standards as housing and business loans have bounced back following lockdowns.

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