Sydney and Melbourne property prices forecasted to drop by up to 5% next year due to high borrowing costs. Perth and Brisbane prices are expected to rise, with Perth potentially seeing a 19% increase. The forecast relies on interest rate changes and population growth.
Sydney and Melbourne property prices are expected to decline by up to 5% next year, driven by high borrowing costs. Despite this, Perth and Brisbane are predicted to see increases in property values, with Perth potentially experiencing a rise of up to 19% and Brisbane up to 14%. This forecast is contingent on three factors: an anticipated interest-rate cut mid next year, continued strong population growth , and the absence of a new inflationary outbreak.
SQM's managing director, Louis Christopher, emphasized that current interest rate levels are affecting areas with overvalued property markets or slower economic growth more severely. The Melbourne market, which has lagged behind Sydney in recent years, has seen an increase in properties for sale by financially stressed households, indicating ongoing affordability issues
Australian Property Prices Interest Rates Population Growth Melbourne Sydney Perth Brisbane
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