House prices set to rise in Sydney
Article by Mozo
People looking for cheap home loans before buying a property in Sydney may be wise to act quickly, as experts predict property prices in the city are set to rise very soon.
Recent RP Data figures showed house prices in the metropolis had declined by 1.4 per cent in the past 12 months, but now leaders at Residex have stated that values will start to go up again from next year, the Daily Telegraph reports.
Chief executive officer at the organisation John Edwards told the news provider that Western Sydney would lead the recovery and the city will outperform all other areas of Australia.
Indeed, property prices are expected to rise by three per cent every 12 months over the next five years and then by five per cent annually over an eight-year period.
"Rental costs will increase as the population is driven to rent due to poor affordability," Mr Edwards warned.
Recent research conducted by RP Data and Rismark showed Brisbane has experienced the biggest drop in house prices in the past year, with the average value of a home falling by eight per cent.