property boom

Is Australia on the verge of a new property boom? | WATCH

PHOTO: Home prices are expected to increase by at 12 per cent ($160,000) in Sydney

  • House prices are expected to increase by 16 per cent over the next two years
  • Home prices, which includes apartments, are forecast to boost by 14.4 per cent
  • The median home would then hit $1.2million, predicts Commonwealth Bank
  • At 12 per cent groth is forecast for Sydney ($160,000) and Melbourne ($110,000)
  • Perth could see 17.7 per cent growth while Brisbane is predicted for 16.6 per cent

Australian house prices are expected to skyrocket by 16 per cent over the next two years, rising by as much as $160,000 in some capital cities.

Commonwealth Bank’s head of economics Gareth Aird predicted house prices will rise by 9 per cent in 2021 and 7 per cent in 2022 in an economics issues paper published this week.

The median price for a residential property could reach $1.2million as home values, which include both houses and apartments, are expected to increase by 14.4 per cent nationally over the same period.

Estate agent Adrianna May at a newly sold property in Cronulla, Sydney. Commonwealth Bank's head of economics Gareth Aird predicted house prices will rise by 9 per cent in 2021 and 7 per cent in 2022 in an economics issues paper published this week

Estate agent Adrianna May at a newly sold property in Cronulla, Sydney. Commonwealth Bank’s head of economics Gareth Aird predicted house prices will rise by 9 per cent in 2021 and 7 per cent in 2022 in an economics issues paper published this week

Home prices will increase by $160,000 in Sydney and $110,000 in Melbourne, which is an increase of at least 12 per cent.

Perth is predicted for the biggest percentage increase at 17.7 per cent ($99,000), Brisbane at 16.6 per cent ($102,000), and Canberra at 5.5 per cent ($132,000).

READ MORE VIA THE DAILY MAIL

MOST POPULAR