Sydney Property Prices set to soar!

Residential property prices in Sydney are tipped to skyrocket, with savvy investors looking to get in quick!

According to QBE LMI’s latest housing outlook, a growing deficiency in Sydney’s household dwelling supply will force property prices significantly higher over the coming three years.

By 2014, QBE LMI expects property prices in Sydney to be 20 per cent higher than what they are today.

“In Sydney, the significant deficiency of residential dwellings is likely to continue to apply upward pressure on both rents and dwelling prices, attracting demand in particular from investors. Constrained affordability has resulted in little annual movement in prices in Sydney since 2004, with the exception of the 14.3 per cent increase in the median house price in 2009/10, which highlights the level of pent up demand that can be released as affordability and the economic outlook improves.”

Brisbane, Darwin and Perth are also expected to record strong growth in the three years to June 2014, with economists predicting 16 and 17 per cent growth respectively.