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Brisbane and Sydney will be the clear leaders in house price growth over the next three years, a new report has revealed.
Construction analyst BIS Shrapnel forecast that median house prices will increase in all capital cities by 2017, with Brisbane and Sydney recording double-digit percentage gains.
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Brisbane’s median house prices are expected to climb by 17 per cent to $555,000 in the next three years, while Sydney is predicted to jump 10 per cent to $875,000.
Melbourne’s median prices are expected to rise by 8 per cent to $690,000, while Adelaide’s are expected to climb by 5 per cent to $435,000.
House prices in Hobart will remain the lowest but are expected to rise by 4 per cent to $385,000.
Median house prices in Perth, Canberra and Darwin are all expected to increase by 3 per cent, with prices reaching $565,000 in Perth, $645,000 in Canberra and $525,000 in Darwin.
According to BIS Shrapnel senior manager Angie Zigomanis, house price growth will continue to be spurred on by low interest rates and an increasing population.
[Related: BIS forecasts rising unit prices]
