Australia home prices to fall
20 October 2015 by News Desk
The cost of houses and apartments in Australia are set rise at their slowest level for almost five years.
Latest research predicts home prices that have been rising by around 10% in 2015 will slow down during 2016 and rise at the slowest pace recorded since 2012.
The price of an average home in Australia’s capital cities will rise between 3% and 8% during the year, according to a new report by SQM Research that says the slowdown will occur mainly as a result of a slowing property market in Sydney.
Home prices in Sydney are forecast to rise around 4% while Melbourne, with a rise of around 8%, is set to overtake Sydney and be the best outperforming capital city in 2016.
Across the country as a whole, the average cost of renting a property is expected to remain flat, with a rise between 0% and 3%. The cost of renting a home in Darwin is forecast fall by up to 12%. Hobart, meanwhile, is forecast to see rents rise by up to 8%, with similar cost increases in Melbourne and the Gold Coast.
