House prices to jump 22 percent by 2012
Economic forecaster BIS Shrapnel’s Residential Property Prospects has predicted house prices could rise by as much as 22 percent by 2012.
The BIS Shrapnel’s Residential Property Prospects, 2009 to 2012 report has found the conditions are ripe for a “sustained recovery in residential property prices.”
BIS Shrapnel senior project manager and study author Angie Zigomanis said: “We expect rising confidence in the prospects for an economic recovery in 2010, so investors are likely to return in greater numbers, attracted by increased rental returns and low interest rates.”
On a state by state basis, Sydney, Melbourne and Adelaide are expected to show the strongest price rise over the next three years.
BIS Shrapnel estimates the Sydney median house price as of June 2009 is $530,000 and will jump to around $630,000 by mid-2012.
Melbourne’s current median house price is estimated at $425,000, rising to $507,000 by June 2012; and in Adelaide, the median price is estimated at $360,000 and predicted to climb to $430,000 over the three years.
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With house prices expecting to rise this much now is definately the time to be snapping up a bargain, sit on it and watch your dough grow!