Perth to lead house price growth over next three years

Perth house prices are expected to grow by a cumulative 20.4% over the next three years to 2015, according to the latest QBE LMI Housing Outlook report prepared by BIS Shrapnel.

The report anticipates the median Perth house price to rise from $505,000 to $580,000 over the next three years, with strong growth also expected for Brisbane (from $450,000 to $515,000) and Sydney ($660,000 to $750,000).

Sydney house price growth is expected to be modest in 2013, at just 2.7%, but is forecast to pick up in 2014 and 2015.

Darwin house prices are also expected to continue to surge rising to a median of $650,000 – making it the second most expensive housing market after Sydney.

Melbourne house prices will continue to tread water over the next three years, rising by less than 2% annually to 2015, with median house price increasing from $540,000 to $557,000, according to the report.

Modest house price growth is also anticipated for Adelaide, Canberra and Hobart.

 Median house price growth forecasts 2013 – 2015 (major capitals) 

 

Perth

Brisbane

Sydney

Adelaide

Melbourne

2013

6.3%

3.9%

2.7%

1.3%

0.9%

2014

7.9%

7.8%

6.1%

2.5%

1.5%

2015

6.2%

6.2%

7.1%

2.4%

1.6%

2015 Median

$580,000

$515,000

$750,000

$580,000

$557,000

Median house price growth forecasts 2013 – 2015 (minor capitals) 

The report says the residential market in Perth has stagnated after prices peaked in December 2007, with the median house price reaching $478,000 as a result of deteriorating housing affordability.

“Conditions in Perth are now beginning to turn around and point to a recovery.

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