Sydney in 10% growth12 January 2016 by News Desk
The housing market in Sydney, Australia is forecast to grow by 10% in 2016.
Property prices in the city out-performed 10 major worldwide cities in 2015 and growth is set to continue in the coming 12 months.
The upbeat forecast comes from Australian property firm Knight Frank, but other property experts paint a more conservative picture of the Sydney property market.
SQM Research believes that price growth in Sydney will be between 4% and 9% in 2016.
CoreLogic RP Data, highlighting a fall in auction clearance rates, forecasts property price growth of around 4% in Sydney in 2016.
Residential agent Home789, like Knight Frank, also predicts property price growth of 10% in Sydney this year.
Knight Frank research shows that property prices in Monaco, Hong Kong and London have previously been around $60,000 per square metre, with New York around $40,000 per square metre. But Hong Kong, Singapore and Paris are forecast to see price falls this year of between 3 and 5%.
Property prices in Sydney, along with Geneva and Singapore, currently stand at around $30,000 per square metre.