PHOTO: Commonwealth Bank

Commonwealth Bank have updated their forecast for the 2020 dwelling markets on the back of the resurgence over the last few months.

They now expect national dwelling prices to grow six per cent in 2020.

CBA senior economist Gareth Aird has called the rebound in demand “phenomenal.”

“Back in July we updated out dwelling price forecasts and extended the profile to end-2020,” CBA senior economist Gareth Aird said.

He noted however that they only expect modest price rises over H2 2019 and 2020.

“We flagged that the risks to our forecast profile were to the upside, but a V-shaped recovery was not our central scenario,” Aird added.

Commonwealth Bank expect Sydney and Melbourne to drive the national forecast, each to be up seven and eight per cent.

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