Extraordinary! From AFR today
Sydney house prices are expected to rise as much as 10 per cent this year, propelled by surging migration, a tight rental market and scant housing supply, according Westpac’s latest forecast.
Westpac has significantly upgraded its expectations, tipping dwelling prices to rise 7 per cent nationally this year followed by a further 4 per cent next year.
After notching up 10 per cent this year, Sydney prices are anticipated to gain another 6 per cent in 2024, and 4 per cent in 2025 in Westpac’s revised view. Perth is expected to achieve the second strongest growth, with an 8 per cent gain this year, followed by Brisbane with 6 per cent and Melbourne prices at 4 per cent.
“Australia’s housing market has continued to outperform expectations, particularly with respect to prices,” senior economist Matthew Hassan wrote in his analysis on Monday.
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