(Australian Associated Press)
Home owners with houses in most capital cities are tipped to see the value of their property grow over the next three years but it’s a different story if you own an apartment, according to the latest national housing snapshot.
Home owners in Canberra, Hobart, Melbourne and Newcastle and Hobart apartment owners
Apartment owners in Brisbane, Melbourne and Sydney
Median house price down 0.2 per cent to $1.15 million
Median unit price down four per cent to $760,000
Key point: Higher interest rates and a tightening of lending rules expected to encourage an investor retreat, forcing down unit prices.
Median house price up five per cent to $770,000
Median house price up 12 per cent to $635,000
Median house price up 10 per cent to $940,000
Median unit price down five per cent to $535,000
Key point: Unit completions in the last five years have grown at a faster rate than housing completions, meaning the house market is still in undersupply.
Median house price up four per cent to $495,000
Median house price up six per cent to $360,000
Median house price up five per cent to $350,000
Median house price up seven per cent to $590,000
Median unit price down seven per cent to $385,000
Key point: The local economy will continue its recovery post-mining boom, with some improvements in public sector spending and continuing growth in export sectors such as education and tourism.
Median house price up six per cent to $665,000
Median unit price up five per cent to $425,000
Median house price up eight per cent to $416,000
Median house price up four per cent to $595,000
Median house price up two per cent to $330,000
Median house price up four per cent to $430,000
Median house price up three per cent to $535,000
Median unit price down 0.6 per cent to $400,000
Key point: The Perth market is expected to be weak for some time due to the economic conditions associated with the end of the mining boom. But the market is expected to be close to the bottom and prices are forecast to stabilise in 2017/18.
Median house price up seven per cent to $510,000
Median unit price up three per cent to $372,000
Key point: Housing affordability is manageable, a factor that should guard against the market falling as the economy dips and population growth slows. Unlike some other capital cities, Adelaide didn’t have a flurry of apartment construction, therefore unit prices are expected to move in line with house prices.
Median house price up 11 per cent to $470,000
Median unit price up nine per cent to $360,000
Key point: Hobart has the lowest median house price of the state capitals, making it an attractive alternative to Sydney and Melbourne. New dwelling completions in Hobart have been growing at a slower rate than its population, meaning the market is estimated to be in undersupply.
Median house price up seven per cent to be $300,000
Median house price down one per cent to $540,000
Median unit price down four per cent to $455,000
Key point: Prices are expected to fall further in 2017/18 before the market bottoms out, with demand remaining weak and the city suffering the fall-out from the drying up of mining investment.
Median house price up 16 per cent to $750,000
Median unit price up two per cent to $435,000
Key point: Conditions in the house market are expected to remain positive, fuelled by population growth, an undersupply of houses and strong employment prospects within the federal government.
Source: QBE Australian Housing Outlook 2017-20.