Strong price growth in many of Australia’s markets is likely to continue into 2021, according to a new property forecast.
Domain’s Property Price Forecasts 2020 suggest the price rises seen at the end of 2019 and early 2020 will extend throughout the year and into next year.
Domain predicts the national median house price will rise 8% by the end of 2020. It expects further increases of up to 7% in 2021.
It also forecasts 6% in apartment prices, on average, in 2020 and a further 5% in 2021.
In the various capital cities, Domain is forecasting for 2020 …
- 10% uplift for houses and 8% for apartments in Sydney.
- An 8% rise for houses and 5% for apartments in Melbourne.
- 8% for houses and 6% for apartments in Brisbane.
- 5% for both houses and apartments in Perth.
- Up to 4% gains for both houses and apartments in Adelaide.
- Up to 4% gains for houses and 3% for apartments in Hobart.
- Up to 5% for houses and 3% for apartments in Canberra.