House values are tipped to continue rising, with experts backing the market to continue its solid run for the next 12 months.
Finder’s RBA Cash Rate Survey of 40 experts and economists, reveals they are most bullish about Melbourne with forecasts of a 9% rise in prices in the next 12 months, bringing the average home price to $817,000. They predicted Sydney prices would increase another 8%, up by $76,600 on average to hit $1,070,900 by this time next year. The report found the average Sydney home-owner earned more in property equity than the median family wage over the past 12 months.
Brisbane and Perth prices are predicted to rise by 8% to $633,500 and $568,600 respectively, while Canberra and Adelaide are predicted to increase by 7% to $826,600 and $542,800. Hobart and Darwin are tipped to record increases of 6% by this time next year to achieve average home prices of $644,900 and $503,900.