Sydney's Median House Price Will Be Over $1million At The End Of This Decade

MEDIAN HOUSE PRICE WILL BE WELL OVER A MILLION DOLLARS BY THE END OF THE DECADE.

Median House prices will be over $1million (and in many cases considerably more) in every capital city at the end of this new decade; according to a forecast by leading property expert Michael Yardney.

Considering he was one of the few experts who got it right last year when contrary to most other commentators he went on the public record with a bullish property forecast, he is someone worth listening to.

"In fact they are more likely to be closer to $1.5 million" says Yardney, using the following table to back up his forecast.


City Median Value Median Value % Growth Possible Median Oct 2009 Sept 1999 1999-2009 Price 2019
Adelaide $387,500 $134,000 189.18% $1,120,569
Darwin $490,000 $188,000 160.64% $1,277,128
Brisbane $459,000 $145,000 216.55% $1,452,972
Hobart $372,500 $112,500 231.11% $1,233,389
Melbourne $518,500 $230,500 124.95% $1,166,344
Perth $491,500 $149,300 229.20% $1,618,032
Sydney $615,500 $295,000 108.64% $1,284,204
Canberra $478,000 $160,000 198.75% $1,428,025

Source: REIA, Residex, Metropole Property Investment Strategists research


"A lot can happen in 10 years" says Yardney, author of the newly released 3rd edition of the best selling book "How to grow a Multi Million Dollar Property Portfolio in your spare time."

"Over the last decade median house prices have more than doubled in every capital city and property values have gone up more than 200% in a number of our cities. These increases have occurred despite a recession in 2001, a change in government, periods of high interest rates and the Global Financial Crisis."

"We are moving into a new economic cycle with record population growth fuelled by rising immigration and a baby boom. At the same we need more dwellings for the same number of people because we live in smaller households. However we have a shortage of housing, vacancy rates are low, rents are rising and the cost of new construction is escalating," says Yardney

"Our major cities of Melbourne, Sydney and Brisbane growing at an enormous pace and are bursting at the seams. Some forecasts are suggesting that the population of Melbourne, Sydney and SE Queensland could each grow by close to 700,000 people over the next 10 years.

"This will create a building boom and economic prosperity that should give home owners and investors the confidence to invest in property when they realize that over we will need to build around 170,0000 new dwellings each year.

"It becomes even more fascinating when you consider that Melbourne and Sydney will each require around 50,000 new apartments over the next ten years. This is equivalent to 250 high rise buildings, each accommodating 200 apartments."

About the Author:

Michael Yardney is a best selling author and as one of Australia's leading experts in wealth creation through property his thoughts are frequently quoted in the media.

He was one of the few to go on the public record late last year explaining why property values were not going to crash. He based his research on the same fundementals that he is now using to predict the next property wave.

Michael is Director of Metropole Property Investment Strategists, an independent property consultancy.

He writes the property investment blog for www.SmartCompany.com.au

Michael is author of the recently released fully updated 3rd edition of the best seller - How to Grow a Multi Million Dollar Property - in your spare time

He is also author of the top selling "Thriving, not just Surviving in Changing Times" and co author of All You Need to Know About Buying and Selling Your Home and the publisher of Australia's leading property e- magazine Property Investment Update (with over 45,000 subscribers) www.PropertyUpdate.com.au

Media Enquiries and for media copies of How to Grow a Multi-Million Dollar Property Portfolio in your spare time please contact Jo Fitt - 03 9591 8888;

Michael Yardney's direct line - 0419 800 900
Email: [email protected]
www.PropertyUpdate.com.au
www.metropole.com.au
www.michaelyardney.com

SOURCE: Metropole Property Investment Strategists