Property prices in Australia
30 January 2016 by News Desk
A slowdown in property prices in Australia is unhelpful for investors but good news for migrants.
For those seeking to live and work in Australia rising property prices have been unwelcome but the market is changing fast and the slowdown means affordable housing will become more widely available in 2016, industry analysts say.
Only 15 out of 625 suburbs across Australia are forecast to see double digit growth this year, according to a new report from Australian Property Monitors, the biggest price increase being in the New South Wales beach side town of Byron Bay. Only three suburbs are forecast to see double digit growth for both units and houses: Balwyn, Box Hill North and Toorak.
Suburbs in Queensland, South Australia, Australian Capital Territory, West Australia and Northern Territory will struggle to see property prices increase by 10% or more says the report.
Property price growth in Sydney looks set to fall to under 10% but the market will not crash. Prices in Perth and Brisbane are expected to increase, while the Melbourne market will slow down but remain in positive growth.
Compared to Sydney and Melbourne, the Gold Coast is currently affordable but prices are set to rise this year, industry analysts say. Adelaide, Hobart and Canberra are predicted to see no increase in property prices.
Only Victoria is forecast to see suburbs where property prices will rise by 10% or more.
High-growth suburbs in 2016
Balwyn – 12%
Box Hill – 12%
Box Hill North – 12%
Byron Bay – 12%
Doncaster East – 12%
Glen Waverley – 12%
Mount Waverley – 12%
Templestowe – 12%
Templestowe Lower – 12%
Balwyn North – 10%
