In the early month of October, potential homebuyers were taken aback by a startling new statistic: Sydney's median home price has risen by $300,000 this year, bringing the median home price across the city for the first time. to $1.3 million.
Australia's housing market grew 17.6% in the first nine months of 2021, with the country's annual growth rate not seen since June 1989.
New statistics from Oceania property database CoreLogic revealed the national home value index rose by another 1.5 per cent in September alone, putting Sydney comfortably inside the world’s top three list of most unaffordable cities for real estate.
“Experts at Westpac have now revised their market forecast for the Harbour City after prices exceeded their initial predictions of 22 per cent rise for 2021.”
“Even in the most heavily affected markets of Sydney, Melbourne and Canberra, price growth has sustained a strong double-digit annual pace.”
Westpac predicts prices in Melbourne will increase by 18% - 2% more than the bank's previous forecast for the Victorian capital. On the other hand, home values in Brisbane are expected to increase by 22%. Perth 15%, Adelaide 18%.
Source; News.com.au - Sydney, Brisbane, Melbourne house prices: 22% national rise predicted, October, 2021.
Image source; Caleb Russell, Josh Withers
For further information, click the following link; https://www.news.com.au/finance/economy/australian-economy/sydney-brisbane-melbourne-house-prices-22-national-rise-predicted/news-story/817393cb9bbbb3d47d1844e0da09dd03
