House prices in Australia in 201830 October 2015 by News Desk
Sydney and Melbourne have been the best performing property markets in Australia this year but that’s all about to change.
Over the next three years Brisbane will see the highest growth rate of all capital cities. This will result in an average house price of $575,000 in 2018, which will be 12% above the average house price of $511,300 in June this year.
Elsewhere in Australia, the Perth market will weaken across both houses and units due to a rising stock surplus and slowing state economy, with an expected 10% fall in average house prices in 2018 compared to the 2015 level, according to QBE’s Australian Housing Outlook 2015-2018 report.
Evidence that the housing market in Sydney and Melbourne is cooling is highlighted in the latest market report by NAB Economics that says in 2016, the slowdown in average national house price growth to 2.3% will be driven by a slowdown in both Sydney and Melbourne price growth. NAB expects house price growth to fall in Sydney to 1.2%, while price growth in Melbourne will ease to 3%.
Brisbane is forecast to witness the fastest house price growth (4.5%) and the Adelaide market is also expected to improve (2.4%). Perth will remain weak, although price falls are expected to ease.