The latest QBELMI Housing Outlook reports that unlike in the US or the UK property markets, Australia has an underlying housing shortage in most markets in the 3 years to 2014. Together with current low interest rates this will put positive pressure on housing prices over the same period.
“While the pattern of price gains is likely to be similar across all capital cities, the strongest growth over the next three years is expected in those markets with the best affordability (Adelaide, with total forecast median house price growth of 23% over the next three years), or the highest deficiencies – Sydney (+21% growth) and Melbourne (+19%). Overall, the Sydney median house price is expected to increase over the three years to June 2012 to $660,000.”
Australian Property Monitors has also released the following highlights from their data in relation to the Sydney market.
o National median house prices fell for the fifth consecutive quarter in September.
o In Sydney, annual house prices have declined by – 1.6% though units had a marginal increase of +0.6%
o Sydney’s median house price is now $637,646 down -1.8% in the September 2011 quarter and the median unit price is $451,291.
If you want to know what your property or a prospective property is really worth, we can send you a FREE PROPERTY REPORT which will include prices in the area and recent sales. Just send us at The Home Loan Company your name and email address and we can get it to you very quickly.
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