Property prices in much of Australia could rise by more than $100,000 over the next two years, despite higher interest rates and already daunting affordability barriers for new buyers.
Exclusive analysis of PropTrack data and KMPG property forecasts indicated much of the housing market was on course for another round of strong growth.
And it’s likely this next wave of growth would push prices in most locations well past their previous peaks recorded in early 2022, when interest rates were at historic lows.
House prices were expected to average $1.53m in Sydney and $1.02m in Melbourne by 2025, the analysis showed.
Brisbane’s median house price would be about $814,000 in two years, while in Adelaide and Perth it would be about $768,000 and $678,000, respectively.
But buyers in key locations could be paying well above the median prices in each city.
Applying the citywide capital city forecasts to individual suburbs showed there could be an explosion in the number of locations where prices above $1m were the norm.
Close to 40 locations in Brisbane and the Gold Coast would become $1m+ s...
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