Remember the property boom a decade ago? Well the good news for those getting into a new home is the forecast for property prices in the next few years is that they’ll be going up.
It’s a double edged sword, those trying to get into the property market will struggle further buying their first home. But for those who have bought their block and are getting ready to build, it’s great news.
According to the Housing Outlook Report 2013-2016 published by QBE at the end of last year, property prices in Perth are forecast to grow by 16.7% in the next three years.
In 2014 Perth property prices are forecast to increase by 8%
In 2015 they’re forecast to increase by 5.4%
In 2016 they forecast again to increase by another 2.6% which will bring the median house price in Perth up to $600,000.
Sydney is forecast to hit a whopping $820,000 median price and Darwin will be the next highest at $660,000. Melbourne just squeaks past Perth at $605,000.
As a home buyer and a property investor, this is good news and signals that this year is a great year to buy a block of land and build.