Sydney house prices should increase as much as 9 per cent by June next year, powered by demand from population growth and scarce listings, despite interest rate rises this year, Domain says.
Sydney house prices are predicted to increase as much as 9 per cent by June next year, powered by strong demand from surging population growth and scarce listings, despite further interest rate rises expected this year, Domain says.are expected to hit $1.66 million, which would eclipse the $1.59 million peak set in March 2022.
Domain’s forecasts were based on economic and property indicators such as interest rates, unemployment,, listings and so on. But it also included real time behavioural data such as the number of views per listing, how quickly new listings were absorbed and distressed listings. House prices in Adelaide are set to climb between 2 per cent and 5 per cent which means the median house price will increase to between $837,000 and $861,000. Between now and the end of FY24, Adelaide’s median house price are poised to exceed $800,000 for the first time.
Brisbane house prices are predicted to rise between 1 per cent and 4 per cent, taking the median $3,000 to $27,000 lower than the record high of $858,511 reached in mid-2022.Prices in Melbourne are poised to gain between 0 and 2 per cent, which means house prices will remain lower than the record high of $1.094 million achieved in December 2021.
The combined capitals are set to increase between 2 per cent and 4 per cent while the combined regionals are poised to increase between 1 per cent and 3 per cent.While prices are expected to rise broadly, affordability will contain the pace of growth as rapidly rising interest rates and the serviceability buffers placed on top shrink borrowing capacity drastically, Dr Powell said.
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