au's analysis showed that, even if prices rose at a similar rate to inflation over the next five years, the median house price would still be near $1.5m in 2027.
The average annual growth rate for well-located capital city properties is about 7%, which means that Australia's median dwelling price should be around $1.1 million in 2030. But some properties will outperform others by 50-100% in terms of capital growth, so take these house price predictions with a big pinch of salt.
Brisbane's median house price could eclipse $800,000 by 2027, according to new research.
Mr Young noted that the index also shows that average wages will jump by 425% over the next 28 years to 2050 which will drive up property prices by 486%. “As a result, the average house price in Sydney will also surge from $1.2 million in 2023 to $7.3 million by 2050.
Westpac has revised its house price forecasts, with dwelling values expected to stabilise in 2023 (initially forecast a -7% decline). National dwelling values are predicted to rise 5% in 2024, up from 2%.
Nationwide prices are expected to rise by approximately 2 per cent by the end of 2023. However, as the RBA potentially cuts interest rates before the end of 2023, demand pressures will contribute to a favourable environment for property prices.
By 2024, the bank is expecting house prices to gain 5 per cent in both Sydney and Melbourne, that prices should rise 6 per cent in Brisbane, by 8 per cent in Perth, and that there should be a 5 per cent gain nationwide.
Sydney house prices may be expensive now but they could pale in comparison to what future generations will pay. Analysis of housing trends revealed Sydney house prices will average nearly $1.8m by the end of the decade, up from $1.06m currently, if they continue rising at the same pace as the last 30 years.
Residential property market outlook
Much lower volumes hit the market in 2022, with interest rate hikes and rising inflation causing a slowdown. As these conditions continue to create a level of uncertainty in the marketplace, moving forward, the market in general will hinge on the effects of interest rate rises.
Zillow predicts that home values will increase by 3.5% in 2023, 3.4% in 2024, 3.3% in 2025, and 3.2% in 2026.
The median house price on the Gold Coast will be a whopping $2.669m come 2030 at current 10-year growth patterns. Median house prices in parts of South East Qld will be among the highest levels in the country by 2030, exceeding $2m and beating even Greater Sydney, shock new growth analysis has found.
The latest Zillow home price expectations survey shows that housing market experts believe annual price growth will slow to 1.6% in 2023, before picking back up at an average clip of 3.5% per year through 2027 – the same rate that prices grew in the relatively stable period from 1987-1999.
The median house price in Brisbane is forecast to sit at around $819,000 in June 2025.
“We're forecasting a 13% fall for houses and 8% for units, and we're forecasting Sydney to have the greatest fall in house prices of around 18%, while we have Perth houses at the other end of the scale with a more modest 4% drop.”
In Australia, the average life of a brick home is 88 years and a timber home is 58 years (Snow and Prasad 2011). Many homes last much longer than this. Decisions that are made about homes today will continue to have consequences for many decades.
Innovation and Science Australia's vision for 2030 is that Australia will be counted within the top tier of innovation nations. We will take pride in our global reputation for excellence in science, research and commercialisation. a fair and inclusive society with a high quality of life.
In 2022, the median unit price was $606,000. By 2025, median unit prices will rise to $627,000 due to strong overseas migration and new construction geared towards apartments.
If the price rises are maintained for the rest of the year, home values will end up about 4% higher in 2023, defying earlier predictions of sharp falls of 10% or more for this year, CoreLogic says. “Economists are shredding their previous price forecasts,” said Sally Tindall, research director for RateCity.
Sydney's ailing housing market will bounce back next year with price growth that will lead the country, new economic modelling has revealed. SQM Research's annual Housing Boom and Bust report released Tuesday showed Sydney prices were primed for growth over 2023 due to an increase in underlying demand for housing.
"Property price falls are likely to continue and accelerate in 2023," report author Cameron Kusher said, blaming the cooling market on the rising cost of borrowing and its associated drain on household budgets.
Home values tend to rise over time, but recessions and other disasters can lead to lower prices. Following slumps, home values can increase in some areas of the country because of strong demand and low supply, while other areas struggle to rebound.
Brisbane was expected to fall by one per cent in 2023, taking prices back to $778,336 from $786,198. A six per cent increase in 2024 would take prices up to $825,036.
Housing values should start to rise in early 2024, and the median Australian house sales price could be close to $965,000 by June next year. This is still down 10 per cent on the previous market peak. It will probably take another year or so for median Australian house sales price to break the $1 million barrier again.
Queensland property prices tumbled after boom but now every region is rising again. The real estate rollercoaster on the Sunshine and Gold coasts is on the way up again, with house prices rising by the equivalent of $1,000 a week over the past three months, according to research.