BIS Shrapnel’s Residential Property Prospects, 2007 to 2010 Report has shown that Australia’s eastern states are leading the housing recovery, as experts predict an upward climb of property prices over the next three years.
Angie Zigomanis, BIS Shrapnel senior project manager and the report’s author, said that the “high growth in employment is improving household confidence towards investment in residential property.”
Forecasting the median house prices of key cities, the report explored the price growth, economic conditions and property market performance of each state and territory up to 2010.
State Price growth prediction -- where to watch:
* News South Wales 8 per cent Solid prices in Newcastle and Wollongong for the next three years
* Victoria 6 per cent Moderate median house price rise in Melbourne throughout 2006/2007
* Queensland 22 per cent Brisbane, Sunshine Coast and the Gold Coast
* South Australia 16 per cent Adelaide for moderate median house price growth
* Western Australia Negative 5 per cent Perth’s median house price is expected to fall by five percent over three years
* Tasmania 6.5 per cent Median Hobart house prices to grow steadily until 2010
* Australian Capital 15 per cent Moderate median house price growth in Canberra over the next three years
* Northern Territory 3 per cent Darwin can expect the market to slow as the resources boom wanes
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