But SQM research report warns that prices in other Australian capitals are likely to surge, depending on interest rates and population growth rates
Sydney and Melbourne property prices are forecast to drop by as much as 5% next year as high borrowing costs keep a lid on home values, according to
Meanwhile, housing shortages will push up Perth prices by up to 19%, while Brisbane properties will increase in value by up to 14%, andThe research relies on three contingencies, including an anticipated interest-rate cut mid next year, continued strong population growth rate and no new inflationary outbreak.SQM’s managing director, Louis Christopher, said interest rate levels were “biting the community” more in areas with overvalued property markets or those experiencing slower economic growth.
SQM noted that the Melbourne market, which has not kept pace with Sydney in recent years, has recorded a surge in properties for sale by households under financial stress., after underlying inflation remained above the central bank’s target range, dashing hopes of a rate cut by mortgage holders.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it mattersBut the forecasts change significantly under different scenarios.
“Ongoing strong population growth, combined with strong employment growth and an existing undersupply of homes for sale will keep driving Perth dwelling prices up over the course of next year,” the report said.
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