House prices in Perth will pass the $1 million mark within three years while Sydney’s median is predicted to soar close to $2 million as anticipated interest rate cuts and a sustained housing shortage kickstart the next growth spurt, according to the latest forecast by Oxford Economics Australia.
Median house prices across Melbourne, Brisbane and Canberra are expected to hit $1.2 million, while Adelaide will climb to just under $1 million.
Hobart will increase to $855,700 and Darwin to $695,600. Nationally, house prices will lift to $1.34 million.
Sydney’s median dwelling price had passed $1.1 million at the end of March, while Melbourne’s is $779,000, and Perth is $704,000, according to CoreLogic. During the same period, Sydney’s median house price hit $1.4 million, Melbourne rose to $935,049 and Perth lifted to $735,276.
Oxford Economics estimated Sydney’s median house price higher at $1.6 million as of March, Melbourne at $1 million and Perth at $784,100.
