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The latest News.org.au house price forecast shows a 10 per cent jump in the price of Sydney’s market over the next year, with an average house price of $1.7 million.
It’s the latest sign the market is cooling as prices continue to fall, with the average price of a new Sydney house down 6.4 per cent from last year, according to the National Australia Bank’s Real Estate Board.
The NAB says the median house price has fallen 8.3 per cent since last year.
The market is also expected to get a boost with the Federal Government’s National Housing Policy expected to boost the supply of affordable homes.
But the forecast does raise questions about the future of the market.
Nab chief economist David Turek says there are still risks associated with the trend of house prices.
“I think what’s going to happen is that people will be able to get into a property more quickly than they have in the past,” he said.
“The median price has dropped a little bit in the last year or so but there’s still a lot of risk in that property.”
But Mr Tureke says it’s not the end of the story.
“What we’re going to see is that the price will go up again,” he told ABC Radio National.
“It’s a little premature to say that it’s over.”
But if you have a good house, it’s a good home, it will be easier to get that home.
“Topics:housing,real-estate,home-renovation,home,housing-industry,prices,industry-and-finance,government-and/or-politics,national-security,housing,state-parliament,government,[email protected],newcastle-2300,new-zealand,nsw,tas,southport-4215First posted May 09, 2018 12:51:00Contact Ben TureckyMore stories from New South Wales