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House prices to continue rising in all capital cities

by Staff Reporter6 minute read

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.

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]

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