House prices have been falling, but the tide may turn soon enough.

HSBC predicts house prices will rise again by 5 percent in 2024, with a strong rebound in migration supporting demand.

Chief Economist Paul Bloxham says the increased number of migrants will drive prices up again, as this has already happened in Australia.

"Now you're seeing really strong inward migration and we think that will start to lift house prices. It's certainly what's happened here in Australia already."

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