Sydney’s property price is expected to increase as much as 19% over the next three years, according to BIS Shrapnel, a Property Forecasting Company. This is attributed to Sydney’s increasing home values, currently at $690,000 and is expected to balloon to $820,000 by June of 2016.
Perth and Brisbane are expected to join the surge as their home values are forecasted to increase at 17% and 16% respectively.
Although first home buyer values have decreased by 3.9% in August of this year, this is offset by an increase in home upgrades and investments, as buyers are taking advantage of record low interest rates.
Read more about this on the Sydney Morning Herald website.