Domain's latest forecast indicates that Sydney's property values are set to climb by 8% over the next year, potentially reaching a new median of AUD 1.76 million. This projected rise is driven by robust population growth, more success loan application, and limited housing supply. If the prediction holds true, the average Sydney property price could increase by AUD 132,000 by the end of the financial year. Brisbane, Perth, and Adelaide are also expected to hit new price highs, although Melbourne and Canberra may not reach new peaks.
Location | Expected Increase (%) |
Perth | 10 |
Brisbane | 8 |
Adelaide | 9 |
Melbourne | 2 |
Perth is predicted to see the largest increase, with a 10% rise in median house prices, reaching a record AUD 856,000. Brisbane is forecasted to experience an 8% rise, bringing median prices close to AUD 1 million by mid-next year. Adelaide is also anticipated to surpass the AUD 1 million mark with a 9% increase, setting the median price at AUD 984,000. In contrast, Melbourne's prices are expected to rise by just 2%, reaching AUD 1.05 million, the lowest growth rate among major cities. This reflects a slower recovery in Melbourne due to factors like decreased population growth, increased supply, and tax changes.
Despite the traditionally slower winter season, Australia's real estate market remains active, with more property listings and strong buyer interest. PropTrack reports that increased listings are partly due to rising prices and favorable selling conditions. However, persistent high interest rates and the cost-of-living crisis have contributed to heightened market activity and rising property values. According to PropTrack, Perth leads in sales pace among capital cities, while Adelaide and Brisbane also show notable growth.
Overall, the Australian property market displays significant regional differences, with some cities seeing record price increases while others face slower growth or declines.
If you have any questions or need any information about Australian property, buying Australian property, selling property or looking for property management, you can leave a message or WhatsApp +61 481 988 806 to contact real estate expert, Entre Shield Property, we have the most professional sales consultants to answer any related questions for you!
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