7News exclusive: Sydney's million dollar house price prediction

Mike Duffy, Yahoo!7 August 29, 2011, 5:45 pm

Four out of five property experts say Sydney house prices are on the way up again, according to a 7News survey.

While the market has calmed recently, showing minimal growth, real estate aficionados say the time to buy is now - as it's only going to become more expensive.

"We'd say that Sydney house prices would move in a range of five per cent per annum over the next five years." says Andrew Wilson of Australian Property Monitors.

Prospective house buyers waiting for a bargain may be disappointed by what John Edwards of Residex predicts, "We'll see growth of up to seven per cent a year – the correction has already occurred."

Luis Christopher from SQM Research, "The Sydney housing market is likely to do maybe three to four per cent per year. The first two years though are going to be quite flat, as mentioned, the big X factor is what the Reserve Bank does with interest rates."

"We won't see these big spikes where we get 10, 15, 20 per cent growth in one year. It will be slow and steady and match what's happening with inflation." says Cameron Kusher, a senior research analyst from RP Data.

Not everyone is as optimistic, Dr Steve Keene wonders where people will find the money to buy houses priced that high, "I've got an overwhelming demand for Lamborghinis, but I can't afford to buy them. You've got to borrow money to buy a house." he says.

The prediction consensus from the 7News survey suggests that many houses in Sydney suburbs will rise above the $1 million mark in the coming years.

Future housing price figure predictions from Residex:

Eastern Suburbs
Now: $1,5240,00

2016: $2,137,000

Inner City
Now: $912,000

2016: $1,220,000

Inner West
Now: 976,000

2016: $1,306,000

Lower North
Now: $1,413,000

2016: $1,890,000

Upper North
Now: $951,000

2016: $1,157,000

Nthn Beaches
Now: $1,089,000

2016: $1,527,000

North West
Now: $827,000

2016: $1,055,000

West
Now: $673,000

2016: $900,000

Parramatta/Hills
Now: $580,000

2016: $776,000

Liverpool/Fairfield
Now: $456,000

2016: $640,000

Canterbury B'town
Now: 576,000

2016: $700,000

St George
Now: $758,000

2016: $967,000

Sutherland
Now: $759,000

2016: $968,000

Central Coast
Now: $364,000

2016: $510,000

Newcastle
Now: $391,500

2016: $432,000

Hunter Valley
Now: $301.500

2016: $333,000

New England:
Now: $240,500

2016: $229,000

North Coast
Now: $365,000

2016: $403,000

Wollongong
Now: $414,000

2016: $581,000

South Coast
Now: $366,000

2016: $490,000

Campbelltown
Now: $349,000

2016: $445,000

Penrith Windsor
Now: $382,500

2016: $488,000

Blue Mountains
Now: $389,500

2016: $572,000

Dubbo and North West
Now: $211,500

2016: $155,000

Bathurst Orange
Now: $270,500
2016: $299,000



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