House prices forecast to outperform units until 2018: QBE
Sydney and Melbourne property is the nation's best performing in the current residential cycle, according to QBE’s Australian Housing Outlook 2015-2018, who note the result is driven by investor purchasers, some 50% of the national market.
QBE LMI Chief Executive Officer Phil White said the report forecasts that Brisbane’s continuing affordability will see it attain the highest growth rate of all capital cities over the three-year period.
"And this will result in a median house price of $575,000 in 2018, which will be 12% above the median house price of $511,300 in June this year,” he said.
The report, produced with BIS Shrapnel, said the Perth market will weaken across both houses and units due to a rising stock surplus and the slowing state economy, with an expected 10% decline in the median house price in 2018 compared to the June 2015 level.
It noted demand in some markets over the year will ease, with the exception of Sydney, Melbourne and Brisbane.
