- Domain has updated its forecasts for 2020, and it expects house prices to rise by 8% nationally this year
- Sydney is expected to lead, adding 10% to its house prices and bring the median to an astronomical $1.25 million
- Melbourne and Brisbane are forecast to grow by 8%, while Perth’s market is expected to finally stage a recovery with a 5% lift
Domain’s Trent Wiltshire reported:
- Property prices should grow strongly in most Australian capital cities in 2020 and 2021. Following rapid property price rises at the end of 2019, prices have continued to rise this year.
- We’re forecasting Sydney and Melbourne prices to rise rapidly in 2020, but price growth should moderate in 2021. Brisbane should see strong house price growth over the next two years, and unit prices will also start rising again.
- Very low-interest rates and the expectation that interest rates will remain low will be the key drivers of rising property prices in 2020.
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