Property prices to fall in seven capitals
Investors who are speculating on big capital gains in Sydney and Melbourne look set to be cruelly disappointed, but Brisbane looks a safe bet, according to new forecasts.
BIS Shrapnel believes that house prices in Australia’s two biggest cities will experience limited growth between now and June 2018, while unit prices will actually go backwards.
Sydney’s median house price is forecast to rise 2.1 per cent to $980,000, while the median unit price is forecast to fall 0.7 per cent to $670,000.
Melbourne house prices are expected to climb 3.8 per cent to $680,000, while unit prices are expected to decline 4.0 per cent to $480,000.
However, the picture is different in Brisbane, where house prices are tipped to rise 13.5 per cent to $590,000 and unit prices are tipped to rise 5.7 per cent to $460,000.
Hobart, Darwin and Adelaide are forecast to experience increases in house prices and decreases in unit prices. Perth and Canberra are forecast to experience decreases in both categories.
The Hobart forecasts show house prices rising 4.1 per cent to $380,000 and unit prices falling 1.8 per cent to $280,000.
The Darwin forecasts show house prices rising 2.7 per cent to $575,000 and unit prices falling 2.5 per cent to $395,000.
Adelaide house prices are forecast to grow 1.1 per cent to $455,000, while unit prices are forecast to drop 1.5 per cent to $335,000.
Perth house prices are forecast to decline 2.6 per cent to $565,000 and unit prices are expected to decline 3.4 per cent to $425,000.
Canberra house prices are forecast to decline 1.8 per cent to $540,000 and unit prices are expected to decline 4.1 per cent to $465,000.