The latest Australia property market forecasts

Would you like to know where house prices are going to be at the end of this year and next year?  Today, I’ll share the latest forecasts from Domain, and we’re going to run through them state by state and explain what might make them better or worse depending upon what happens in our economy.  Then in my mindset moment, I’m going to show you how you won the lottery.  Today’s episode contains a lot of numbers and figures, but I think the trends that I’m going to explain will give you some comfort.  What’s Ahead for Australia’s Property Market?  Remember, it wasn’t that long ago that our media was predicting housing market Armageddon. The property pessimists have again been proven wrong. Having said that, this has been the longest and the deepest property downturn in modern history.  What’s ahead?  Remember there is not one property market nor one Sydney or Melbourne property market, but having said that, Trent Wilshire, economist for Domain, forecasts that property values are likely to stabilize in the capital cities by the end of the year, and in fact rise in some locations, and he predicts moderate growth in 2020.  Forecast for Sydney: House and apartment prices will be 2% higher by the end of 2019 In 2020, house prices will increase by 3 to 5% Apartment prices will rise by 2 to 4% in 2020 About 25% of home loans in New South Wales in March went to first home buyers Prices of off-the-plan and new apartment in high rise towers Sydney are likely to fall  Forecast for Melbourne: House prices have fallen about 11% since their peak, and apartment prices have fallen about 8% Prices are likely to increase by about 1% by the end of 2019 In 2020, house prices will increase by 1 to 3% Apartment prices will rise by 0 to 2% in 2020 Melbourne’s population is predicted to rise by 10% in the next few years  Forecast for Brisbane: Housing prices will bottom out in the next 6 months and rise by 1% by the end of this year and 3-5% in 2020 After bottoming out apartment prices in Brisbane will remain flat next year. Brisbane’s fragmented market means that some areas will rise faster than others  Forecast for Canberra House prices will rise by 2% by the end of 2019 Apartment prices will rise by 1% by the end of 2019 Canberra will be the strongest property market in 2020 House prices will grow by 4 to 6% in 2020 Apartment prices will be subdued by the oversupply of apartments Apartment prices will grow by 1 to 2% in 2020  Forecast for Perth: Prices will bottom out over the next 6 months After prices bottom out, there will be slow growth Perth will see 0 to 2% growth in 2020 Perth will see a rise in population growth  Forecast for Hobart: Hobart has been the best performing property market in the last 3 years, but the boom is over Hobart will not see any growth in housing for the rest of 2019 Apartments will grow by 2% in Hobart by the end of the year There will be 2 to 4% growth in Hobart house prices in 2020  Forecast for Adelaide Adelaide property prices continue to rise slowly Adelaide will see 1% growth for houses in 2019 Adelaide will see 2% growth in apartments in 2019 In 2020, Adelaide’s housing prices will rise by 1 to 3%  Links and Resources:  Michael Yardney Metropole Property Strategists Metropole’s Strategic Property Plan – to help both beginning and experienced investors Some of our favourite quotes from the show:  “Remember, Melbourne is rated as one of the 10 fastest growing large capital cities in the developed world.” –Michael Yardney  “Property prices are driven by investors in particular.” –Michael Yardney  “Entitlement gets us nothing but heartache. It blinds us to the magic of gratitude.” –Michael Yardney  PLEASE LEAVE US A REVIEW  Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how