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Outlook for price growth by region

By Lachelle Ferguson
In their recent Residential Property Prospects 2013 to 2016 report, property analyst and economic forecaster BIS Shrapnel anticipate the New South Wales residential market will continue to improve over the next three years, joined by Queensland from 2013/14.

Sydney

  • Median house price $670,000 in June 2013 (4% increase 2012/13).
  • Sydney’s residential market is gaining momentum after being weak for the best part of the last decade.
  • Total price growth over three years to June 2016 forecast at 19% (5.9% per annum).

Melbourne

  • Median house price $545,000 at June 2013 (4% rise for the year).
  • Median house price growth in Melbourne is forecast to a minimal 5% over 2013-2016.
  • After accounting for inflation, prices are actually forecast to fall by 4% in real terms.

Brisbane

  • Median house price $440,000 in June 2013 (2% up for the year – its first annual increase since 2009/10).
  • Price growth expected in 2013/14, which will accelerate and remain solid in 2015/16 thanks to first home buyer and investor activity.
  • Forecast 17% total rise in median house price 2013-2016 (average 5.2% per annum).

Perth

  • Median house price $520,000 at June 2013 (rise of 7% rise in the year).
  • Price growth is forecast to begin to tail away through 2015-2016 as resource projects conclude, migration and population growth slows and sentiment dampens.
  • House prices forecast to rise by 15% from 2013-2016.
Source: Rates Direct
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